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Shell (SHEL) Files New Development Plan for North Sea Field
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The British oil and gas major, Shell Plc (SHEL - Free Report) , submitted a revised blueprint for the development of the Jackdaw natural gas field in the North Sea situated in the United Kingdom. The British regulators rejected the development plan last year due to environmental reasons.
The company stated in the new environmental development plan that it intends to kick off production from the Jackdaw field that will contribute 6.5% to Britain's gas output by the third quarter or the fourth quarter of 2025. The Jackdaw field can hold reserves between 120 million and 250 million barrels of oil equivalent.
The development project involves drilling four wells, setting up a new wellhead platform and tying back a new pipeline 30 kilometers (km) to the existing Shearwater host platform where liquids will be further processed before exporting through the Fulmar gas line and the Forties pipeline system. Drilling, installation and commissioning will transpire between 2023 and 2025.
The Jackdaw development, which is instrumental to Shell’s plan to develop natural gas output at the Shearwater hub in the central North Sea, is situated 250 km east of Aberdeen, Scotland, next to the U.K./Norway median line.
Headquartered in London, Shell is one of the primary oil supermajors, a group of U.S. and Europe-based big energy multinationals with operations spanning worldwide. The company is fully integrated as it participates in every aspect related to energy, from oil production to refining and marketing. SHEL operates as an energy and petrochemical company. Shell plc was formerly known as Royal Dutch Shell.
Shell currently holds a Zacks Rank #2 (Buy). Apart from Shell, investors interested in the energy space might look at the following companies. Enerplus Corporation (ERF - Free Report) , Vista Oil & Gas (VIST - Free Report) and Ranger Oil each sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Enerplus’ 2022 earnings has been revised 27.2% upward over the past 60 days.
Enerplus stock has rallied 148.2% in a year. The Zacks Consensus Estimate for ERF’s 2022 earnings is pegged at $2.62 per share, up 170.1% from the projected year-ago earnings of 97 cents.
The Zacks Consensus Estimate for Vista’s 2022 earnings is pegged at $1.55 per share, up 187% from the projected year-ago earnings of 54 cents.
Vista stock has gone up 187.7% in a year. The Zacks Consensus Estimate for VIST’s 2022 earnings has been revised 11.5% upward over the past 60 days.
Ranger Oil beat the Zacks Consensus Estimate for earnings in three of the trailing four quarters, the average being around 27.3%. Ranger Oil stock has increased 129.2% in a year.
The Zacks Consensus Estimate for ROCC’s 2022 earnings is projected at $9.62 per share, which is an increase of 75.5% from the projected year-ago earnings of $5.48.
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Shell (SHEL) Files New Development Plan for North Sea Field
The British oil and gas major, Shell Plc (SHEL - Free Report) , submitted a revised blueprint for the development of the Jackdaw natural gas field in the North Sea situated in the United Kingdom. The British regulators rejected the development plan last year due to environmental reasons.
The company stated in the new environmental development plan that it intends to kick off production from the Jackdaw field that will contribute 6.5% to Britain's gas output by the third quarter or the fourth quarter of 2025. The Jackdaw field can hold reserves between 120 million and 250 million barrels of oil equivalent.
The development project involves drilling four wells, setting up a new wellhead platform and tying back a new pipeline 30 kilometers (km) to the existing Shearwater host platform where liquids will be further processed before exporting through the Fulmar gas line and the Forties pipeline system. Drilling, installation and commissioning will transpire between 2023 and 2025.
The Jackdaw development, which is instrumental to Shell’s plan to develop natural gas output at the Shearwater hub in the central North Sea, is situated 250 km east of Aberdeen, Scotland, next to the U.K./Norway median line.
Headquartered in London, Shell is one of the primary oil supermajors, a group of U.S. and Europe-based big energy multinationals with operations spanning worldwide. The company is fully integrated as it participates in every aspect related to energy, from oil production to refining and marketing. SHEL operates as an energy and petrochemical company. Shell plc was formerly known as Royal Dutch Shell.
Shell currently holds a Zacks Rank #2 (Buy). Apart from Shell, investors interested in the energy space might look at the following companies. Enerplus Corporation (ERF - Free Report) , Vista Oil & Gas (VIST - Free Report) and Ranger Oil each sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Enerplus’ 2022 earnings has been revised 27.2% upward over the past 60 days.
Enerplus stock has rallied 148.2% in a year. The Zacks Consensus Estimate for ERF’s 2022 earnings is pegged at $2.62 per share, up 170.1% from the projected year-ago earnings of 97 cents.
The Zacks Consensus Estimate for Vista’s 2022 earnings is pegged at $1.55 per share, up 187% from the projected year-ago earnings of 54 cents.
Vista stock has gone up 187.7% in a year. The Zacks Consensus Estimate for VIST’s 2022 earnings has been revised 11.5% upward over the past 60 days.
Ranger Oil beat the Zacks Consensus Estimate for earnings in three of the trailing four quarters, the average being around 27.3%. Ranger Oil stock has increased 129.2% in a year.
The Zacks Consensus Estimate for ROCC’s 2022 earnings is projected at $9.62 per share, which is an increase of 75.5% from the projected year-ago earnings of $5.48.