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Eni (E) Submits Application for CCS License in Hewett Gas Field
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Eni SPA (E - Free Report) submitted a carbon storage license application for the Hewett-depleted gas field in the U.K. North Sea to develop a carbon capture and storage (CCS) project.
The Hewett-depleted gas field is ideally positioned to permanently and safely store carbon dioxide (CO2). The field has a total capacity of 330 million tons.
The project will deviate a large volume of CO2, which would otherwise be released into the atmosphere. This is equivalent to the CO2 emissions of more than three million homes or more than six million cars per year.
Eni has been operating the Hewett-depleted gas field for more than four decades. The company can leverage its extensive experience and subsurface know-how in the Hewett field to develop the CCS project. Notably, the depleted gas field is expected to be up and running by 2027.
Oil and gas companies are actively involved in CCS projects as they offer a transition pathway for the rapid and effective reduction of CO2 emissions beyond what can be achieved by alternative methods like electrification and renewable fuels. Thus, the use of carbon capture and storage in reducing industrial emissions offers an excellent opportunity.
Beside this, Eni is engaged in an initiative to decarbonize industries such as automotive, ceramics, materials, energy and waste disposal in the U.K. southeast. The CCS project is likely to be involved in the initiative. Eni will play a crucial role by transporting and storing CO2 in the Hewett field.
The industry-led initiative could significantly contribute to the development of a hydrogen economy in the UK. It could become a turning point in addressing the decarbonization goals of the U.K. southeast.
Notably, Eni is preparing to start drilling operations on an exploration well in the Sureste Basin offshore Mexico later in 2022. The drilling activities will be performed with a Valaris-owned semi-submersible rig.
Company Profile
Headquartered in Rome, Italy, Eni is one of the leading integrated energy players in the world.
Liberty Energy (LBRT - Free Report) offers hydraulic fracturing services to onshore upstream energy companies across multiple basins in North America. LBRT’s debt-to-capitalization stands at just 16% compared with many of its peers, which are hugely burdened with debts, accounting for around 50% of their total capital structure.
Liberty Energy has witnessed upward earnings estimate revisions for 2022 and 2023 in the past 30 days. The company currently has a Zacks Style Score of A for Growth, and B for Value and Momentum. LBRT is expected to see an earnings surge of 266.7% in 2022.
Marathon Petroleum Corporation (MPC - Free Report) is a leading independent refiner, transporter and marketer of petroleum products. MPC repurchased shares worth $4.1 billion in the May-July period of 2022 and completed more than 80% of its target of buying back common stock worth $15 billion.
Marathon Petroleum has witnessed upward earnings estimate revisions for 2022 and 2023 in the past 60 days. The company currently has a Zacks Style Score of A for Value, Growth and Momentum. MPC is expected to see earnings growth of 779.6% in 2022.
Schlumberger Limited (SLB - Free Report) is the largest oilfield services player, with a presence in every global energy market. For 2022, SLB revised its revenue outlook upward to at least $27 billion.
Schlumberger has witnessed upward earnings estimate revisions for 2022 and 2023 in the past 60 days. The company beat the Zacks Consensus Estimate for earnings in the prior four quarters, delivering an earnings surprise of 9.1%. SLB is expected to see earnings growth of 57.8% in 2022.
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Eni (E) Submits Application for CCS License in Hewett Gas Field
Eni SPA (E - Free Report) submitted a carbon storage license application for the Hewett-depleted gas field in the U.K. North Sea to develop a carbon capture and storage (CCS) project.
The Hewett-depleted gas field is ideally positioned to permanently and safely store carbon dioxide (CO2). The field has a total capacity of 330 million tons.
The project will deviate a large volume of CO2, which would otherwise be released into the atmosphere. This is equivalent to the CO2 emissions of more than three million homes or more than six million cars per year.
Eni has been operating the Hewett-depleted gas field for more than four decades. The company can leverage its extensive experience and subsurface know-how in the Hewett field to develop the CCS project. Notably, the depleted gas field is expected to be up and running by 2027.
Oil and gas companies are actively involved in CCS projects as they offer a transition pathway for the rapid and effective reduction of CO2 emissions beyond what can be achieved by alternative methods like electrification and renewable fuels. Thus, the use of carbon capture and storage in reducing industrial emissions offers an excellent opportunity.
Beside this, Eni is engaged in an initiative to decarbonize industries such as automotive, ceramics, materials, energy and waste disposal in the U.K. southeast. The CCS project is likely to be involved in the initiative. Eni will play a crucial role by transporting and storing CO2 in the Hewett field.
The industry-led initiative could significantly contribute to the development of a hydrogen economy in the UK. It could become a turning point in addressing the decarbonization goals of the U.K. southeast.
Notably, Eni is preparing to start drilling operations on an exploration well in the Sureste Basin offshore Mexico later in 2022. The drilling activities will be performed with a Valaris-owned semi-submersible rig.
Company Profile
Headquartered in Rome, Italy, Eni is one of the leading integrated energy players in the world.
Zacks Rank & Other Stocks to Consider
Eni currently carries a Zack Rank #2 (Buy).
Investors interested in the energy sector might look at the following companies that presently flaunt a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Liberty Energy (LBRT - Free Report) offers hydraulic fracturing services to onshore upstream energy companies across multiple basins in North America. LBRT’s debt-to-capitalization stands at just 16% compared with many of its peers, which are hugely burdened with debts, accounting for around 50% of their total capital structure.
Liberty Energy has witnessed upward earnings estimate revisions for 2022 and 2023 in the past 30 days. The company currently has a Zacks Style Score of A for Growth, and B for Value and Momentum. LBRT is expected to see an earnings surge of 266.7% in 2022.
Marathon Petroleum Corporation (MPC - Free Report) is a leading independent refiner, transporter and marketer of petroleum products. MPC repurchased shares worth $4.1 billion in the May-July period of 2022 and completed more than 80% of its target of buying back common stock worth $15 billion.
Marathon Petroleum has witnessed upward earnings estimate revisions for 2022 and 2023 in the past 60 days. The company currently has a Zacks Style Score of A for Value, Growth and Momentum. MPC is expected to see earnings growth of 779.6% in 2022.
Schlumberger Limited (SLB - Free Report) is the largest oilfield services player, with a presence in every global energy market. For 2022, SLB revised its revenue outlook upward to at least $27 billion.
Schlumberger has witnessed upward earnings estimate revisions for 2022 and 2023 in the past 60 days. The company beat the Zacks Consensus Estimate for earnings in the prior four quarters, delivering an earnings surprise of 9.1%. SLB is expected to see earnings growth of 57.8% in 2022.