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BP Exits Kazakh Offshore Projects to Support Low-Carbon Energy
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BP P.L.C. (BP - Free Report) backed out of three offshore projects in Kazakhstan, which involves the exploration and production of oil and gas in the offshore fields of the Caspian Sea.
The drive came as the integrated energy giant turned to renewables to meet the growing clean energy demand since several energy companies are progressively engaging in the energy transition to lower greenhouse gas emissions.
In May 2019, BP signed a memorandum of understanding with KazMunaiGaz Company (“KMG”) to conduct geological exploration and production in the offshore blocks of the Bolshoy Zhambyl, Zhemchuzhnaya and Kalamkas Sea in Kazakhstan.
However, in 2020, the company addressed a letter to KMG, stating that it decided to put the brakes on future investments after working together for 18 months. According to BP, these assets do not fit into the company’s new strategy as it is currently focusing on renewable energy and the existing hydrocarbon basins.
Earlier, Kashagan operator North Caspian Operating Company (“NCOC”) has withdrawn its participation from the Kalamkas-more project, while integrated oil major Royal Dutch Shell Plc , exited two crude projects as higher expenses limited the company’s profitability.
BP divested a series of productive assets and has been investing in offshore wind as part of its strategy to focus on cleaner energy and shrink its hydrocarbon business by 40% in the years ahead. Hence, the company will no longer invest in the Kazakhstan blocks.
Company Profile & Price Performance
Headquartered in London, UK, BP is a fully integrated energy company, with a strong focus on renewable energy.
The company’sshares have underperformed the industry in the past six months. BP’s stock has gained 35.5% compared with the industry’s 48.1% growth.
Laredo’s earnings for 2021 are expected to rise 37% year over year.
Suncor’s earnings for 2021 are expected to increase 138.2% 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 2020 Zacks 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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BP Exits Kazakh Offshore Projects to Support Low-Carbon Energy
BP P.L.C. (BP - Free Report) backed out of three offshore projects in Kazakhstan, which involves the exploration and production of oil and gas in the offshore fields of the Caspian Sea.
The drive came as the integrated energy giant turned to renewables to meet the growing clean energy demand since several energy companies are progressively engaging in the energy transition to lower greenhouse gas emissions.
In May 2019, BP signed a memorandum of understanding with KazMunaiGaz Company (“KMG”) to conduct geological exploration and production in the offshore blocks of the Bolshoy Zhambyl, Zhemchuzhnaya and Kalamkas Sea in Kazakhstan.
However, in 2020, the company addressed a letter to KMG, stating that it decided to put the brakes on future investments after working together for 18 months. According to BP, these assets do not fit into the company’s new strategy as it is currently focusing on renewable energy and the existing hydrocarbon basins.
Earlier, Kashagan operator North Caspian Operating Company (“NCOC”) has withdrawn its participation from the Kalamkas-more project, while integrated oil major Royal Dutch Shell Plc , exited two crude projects as higher expenses limited the company’s profitability.
BP divested a series of productive assets and has been investing in offshore wind as part of its strategy to focus on cleaner energy and shrink its hydrocarbon business by 40% in the years ahead. Hence, the company will no longer invest in the Kazakhstan blocks.
Company Profile & Price Performance
Headquartered in London, UK, BP is a fully integrated energy company, with a strong focus on renewable energy.
The company’sshares have underperformed the industry in the past six months. BP’s stock has gained 35.5% compared with the industry’s 48.1% growth.
Zacks Rank & Stocks to Consider
BP currently carries a Zack Rank #3 (Hold).
Some better-ranked players in the energy space are Laredo Petroleum, Inc. and Suncor Energy Inc. (SU - Free Report) , each currently sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Laredo’s earnings for 2021 are expected to rise 37% year over year.
Suncor’s earnings for 2021 are expected to increase 138.2% 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 2020 Zacks 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.
Access Zacks Top 10 Stocks for 2021 today >>