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TotalEnergies (TOT) Bestows $2B EPCC Contract to a Consortium

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TotalEnergies SE has bestowed a conditional letter of award to a consortium of McDermott International, Ltd. and Sinopec International Petroleum Service Corporation. The award is associated with building major oil facilities for the massive Tilenga project of TotalEnergies in Uganda.

Investors should note that the contract has been valued at roughly $2 billion, while the formal contract award is awaiting Tilenga Partners’ approval. For developing an onshore oil field, the services, which the consortium is expected to provide, comprise engineering, procurement, construction and commissioning (EPCC).

The companies are expecting the oil field, which will include 31 well pads, to generate up to 200,000 barrels per day. Importantly, the project’s first oil will possibly flow in 2025. Moreover, along with bolstering economic growth in Uganda, the companies are expecting the Tilenga project situated in the Lake Albert Basin, Republic of Uganda, to generate up to 20,000 direct and indirect jobs.

Currently, TotalEnergies carries a Zacks Rank #3 (Hold). Meanwhile, some better-ranked players in the energy space are Whiting Petroleum Corporation (WLL - Free Report) , Callon Petroleum Company (CPE - Free Report) and Oasis Petroleum Inc. (OAS - Free Report) . All companies currently sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Whiting Petroleum has witnessed upward earnings estimate revisions for 2021 in the past 30 days.

Callon Petroleum is expected to witness earnings growth of 129% in 2021.

Oasis Petroleum has witnessed upward earnings estimate revisions for 2021 in the past 30 days.

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