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Eni (E) Plans Investment of $7B in Angola, Expects Huge Growth
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Eni SpA (E - Free Report) announced plans to invest as high as $7 billion in Angola along with its joint venture partners, per Reuters. The time frame over which the investment will be made – in activities related to exploration and production, refining and solar energy – is the next four years.
The integrated energy company believes the investment is profitable and will provide ample growth opportunities. Reportedly, Eni CEO Claudio Descalzi had a discussion regarding the plans with Angolan President Joao Lourenco, which the company later confirmed.
It is to be noted that in the country, where amendments of legal and fiscal terms are being made to boost the business scenario, the company has been operating since 1980 and is producing at a rate of 120,000 barrels of equity oil equivalent per day. Notably, in offshore Angola, the company recently discovered new light oil in its Block 15/06. Apart from the upstream operations, Eni’s activities in Angola include building up a solar power plant that will possibly start operations next year.
Chevron witnessed upward earnings estimate revisions for 2021 in the past 30 days.
Diamondback is likely to see earnings growth of 112.5% in 2021.
Matador is likely to see earnings growth of 300% in 2021.
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Eni (E) Plans Investment of $7B in Angola, Expects Huge Growth
Eni SpA (E - Free Report) announced plans to invest as high as $7 billion in Angola along with its joint venture partners, per Reuters. The time frame over which the investment will be made – in activities related to exploration and production, refining and solar energy – is the next four years.
The integrated energy company believes the investment is profitable and will provide ample growth opportunities. Reportedly, Eni CEO Claudio Descalzi had a discussion regarding the plans with Angolan President Joao Lourenco, which the company later confirmed.
It is to be noted that in the country, where amendments of legal and fiscal terms are being made to boost the business scenario, the company has been operating since 1980 and is producing at a rate of 120,000 barrels of equity oil equivalent per day. Notably, in offshore Angola, the company recently discovered new light oil in its Block 15/06. Apart from the upstream operations, Eni’s activities in Angola include building up a solar power plant that will possibly start operations next year.
Currently, Eni sports a Zacks Rank #1 (Strong Buy). Meanwhile, other prospective players in the energy sector include Chevron Corporation (CVX - Free Report) , Diamondback Energy, Inc. (FANG - Free Report) and Matador Resources Company (MTDR - Free Report) . All the stocks sport a Zacks Rank #1. You can see the complete list of today’s Zacks #1 Rank stocks here.
Eni SpA Price
Eni SpA price | Eni SpA Quote
Chevron witnessed upward earnings estimate revisions for 2021 in the past 30 days.
Diamondback is likely to see earnings growth of 112.5% in 2021.
Matador is likely to see earnings growth of 300% in 2021.
Time to Invest in Legal Marijuana
If you’re looking for big gains, there couldn’t be a better time to get in on a young industry primed to skyrocket from $17.7 billion back in 2019 to an expected $73.6 billion by 2027.
After a clean sweep of 6 election referendums in 5 states, pot is now legal in 36 states plus D.C. Federal legalization is expected soon and that could be a still greater bonanza for investors. Even before the latest wave of legalization, Zacks Investment Research has recommended pot stocks that have shot up as high as +285.9%
You’re invited to check out Zacks’ Marijuana Moneymakers: An Investor’s Guide. It features a timely Watch List of pot stocks and ETFs with exceptional growth potential.
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