BP plc (BP Quick QuoteBP - Free Report) has received approvals from the upstream energy regulator in Indonesia for its $2.04-billion plan of developing new gas fields in West Papua. The development will provide natural gas to the British energy giant’s Tangguh liquefied natural gas export project.

The development entails production of an additional 1.52 trillion cubic feet of gas from the Vorwata enhanced gas recovery project and Ubadari field. For reducing the project’s carbon emission by 45%, the integrated energy player is intending to employ technologies associated to carbon capture, utilization and storage.

BP p.l.c. Price

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Tangguh LNG is a combined development of six gas fields and the project’s production started in 2009. In 2016, the project got its first expansion plan.

BP, with a strong focus on aggressive energy transition, currently sports a Zacks Rank #1 (Strong Buy). The company’s ambitious goals include becoming a net-zero emissions company by 2050 or sooner. Other promising players in the energy space include Whiting Petroleum Corporation , Continental Resources, Inc. and PDC Energy, Inc. . While Whiting Petroleum and Continental Resources sport a Zacks Rank #1, PDC Energy carries a Zacks Rank #2 (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.

Continental is expected to witness earnings growth of 256% in 2021.

PDC Energy is likely to see earnings growth of 111.8% in 2021.