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BP Announces Start-Up of High-Value Manuel Deepwater Project

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BP plc (BP - Free Report) recently announced the start-up of its high-value Manuel project in the U.S. Gulf of Mexico. The project is among the five major developments that the British energy giant initially shortlisted for starting up in 2021.

At the offshore project, the British energy giant commenced production from two new deepwater wells. Notably, the company has tied a new subsea production system into the Na Kika platform and expects the new wells to lift gross platform production by 20,100 barrels of oil equivalent per day (BoE/D). In the Manuel development, BP is the operator with a 50% interest. The remaining interest is owned by Royal Dutch Shell plc .

Importantly, the systematic investments in Manuel project will possibly help the integrated energy company reach its goal of adding 900,000 BoE/D of production from new key projects by 2021-end.

Overall, it can be said that BP is well placed to capitalize on the massively improving oil prices by banking on its major upstream projects. It is to be noted that despite its growing focus on non-oil and gas businesses, BP aims to maintain presence in oil business for decades, as stated by chief executive Bernard Looney in an interview at the Reuters Global Energy Transition conference.

Currently, BP carries a Zacks Rank #3 (Hold). Meanwhile, two better-ranked players in the energy space are Whiting Petroleum Corporation and Extraction Oil & Gas, Inc. . Both the stocks 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.

Extraction is expected to witness earnings growth of 450.8% in 2021.

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