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Eni's (E) Affiliate Gets Approval for Subsea Life Extension
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Eni SpA’s (E - Free Report) affiliate VårEnergi recently received a nod from the Norwegian offshore safety authority for using the Marulk field’s subsea facilities beyond their original operating life. The facilities are currently operating in the Norwegian Sea.
The previous consent for the subsea operation was scheduled to expire on Dec 31, 2021. The regulatory authority has granted the requisition of VårEnergi, wherein Eni holds a 69.85% stake, to continue the recovery process in the remaining Marulk field reserves till Dec 31, 2030.
The field is located 25 kilometers southwest of the Norne field, at 370 meters water depth, where production commenced in 2012. It was discovered in 1992, and received development and operation approval in 2010. The field is tied back to the floating production, storage, and offloading vessel Norne, from which the commodity is transported to the Kårstø terminal.
Production from Norwegian assets constitutes a significant portion of Eni’s total output. Importantly, its key upstream projects in Norway and other projects in Algeria, Mexico, and Egypt are expected to enable the company to achieve a compound annual growth rate of 4% in production from 2021 through 2024.
While VårEnergi is the operator of the natural gas project with a 20% stake in the field, it has Equinor ASA (EQNR - Free Report) , Ineos and DNO ASA as partners with 33%, 30% and 17% interests, respectively.
Price Performance
Eni’s shares have rallied 75.1% in the past year compared with 69.4% rise of the industry it belongs to.
Berry’s bottom-line estimates for 2021 have witnessed four upward revisions and no downward movement in the past 60 days.
EOG Resources’ bottom line for 2021 is expected to increase 217.8% year over year.
Zacks Top 10 Stocks for 2021
In addition to the stocks discussed above, would you like to know about our 10 best buy-and-hold tickers for the entirety of 2021?
Last year's 2020Zacks Top 10 Stocks portfolio returned gains as high as +386.8%. Now a brand-new portfolio has been handpicked from over 4,000 companies covered by the Zacks Rank. Don’t miss your chance to get in on these long-term buys.
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Eni's (E) Affiliate Gets Approval for Subsea Life Extension
Eni SpA’s (E - Free Report) affiliate VårEnergi recently received a nod from the Norwegian offshore safety authority for using the Marulk field’s subsea facilities beyond their original operating life. The facilities are currently operating in the Norwegian Sea.
The previous consent for the subsea operation was scheduled to expire on Dec 31, 2021. The regulatory authority has granted the requisition of VårEnergi, wherein Eni holds a 69.85% stake, to continue the recovery process in the remaining Marulk field reserves till Dec 31, 2030.
The field is located 25 kilometers southwest of the Norne field, at 370 meters water depth, where production commenced in 2012. It was discovered in 1992, and received development and operation approval in 2010. The field is tied back to the floating production, storage, and offloading vessel Norne, from which the commodity is transported to the Kårstø terminal.
Production from Norwegian assets constitutes a significant portion of Eni’s total output. Importantly, its key upstream projects in Norway and other projects in Algeria, Mexico, and Egypt are expected to enable the company to achieve a compound annual growth rate of 4% in production from 2021 through 2024.
While VårEnergi is the operator of the natural gas project with a 20% stake in the field, it has Equinor ASA (EQNR - Free Report) , Ineos and DNO ASA as partners with 33%, 30% and 17% interests, respectively.
Price Performance
Eni’s shares have rallied 75.1% in the past year compared with 69.4% rise of the industry it belongs to.
Zacks Rank & Other Stocks to Consider
Currently, Eni sports a Zacks Rank #1 (Strong Buy). Other top-ranked players in the energy space include Berry Corporation (BRY - Free Report) and EOG Resources, Inc. (EOG - Free Report) , each carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Berry’s bottom-line estimates for 2021 have witnessed four upward revisions and no downward movement in the past 60 days.
EOG Resources’ bottom line for 2021 is expected to increase 217.8% year over year.
Zacks Top 10 Stocks for 2021
In addition to the stocks discussed above, would you like to know about our 10 best buy-and-hold tickers for the entirety of 2021?
Last year's 2020Zacks Top 10 Stocks portfolio returned gains as high as +386.8%. Now a brand-new portfolio has been handpicked from over 4,000 companies covered by the Zacks Rank. Don’t miss your chance to get in on these long-term buys.
AccessZacks Top 10 Stocks for 2021 today >>