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BP & Partners Advance GTA Project to Next Evaluation Phase
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BP PLC (BP - Free Report) and its partners recently validated the development concept for the second phase of the Greater Tortue Ahmeyim (GTA) liquefied natural gas (LNG) project, which will move to the next phase of assessment.
The consortium, made up of BP, PETROSEN, Société Mauritanienne des Hydrocarbures (SMH) and Kosmos Energy, will assess a gravity-based structure (GBS) as the foundation for the GTA Phase 2 extension project (GTA2). This will have an annual capacity of 2.5-3.0 million tons. With the structure serving as both a foundation for liquefaction facilities and a storage facility for LNG, GBS LNG installations, it has a static link to the seabed.
The proposed design will also use and build upon the GTA infrastructure by including additional wells and subsea apparatus. In order to reduce operating emissions, the collaboration will look into liquefying LNG using electricity. BP and its partners are now working with contractors to move the idea closer to the pre-FEED stage.
According to Gordon Birrell, executive vice president for operations and production at BP, the British energy giant aims to expand solid collaboration with partners and the Governments of Mauritania and Senegal. The idea is to further establish a long-term, prosperous energy hub in West Africa. The Presidents of Mauritania and Senegal accorded the GTA project the designation of "National Project of Strategic Importance" in July 2021. This acknowledgement illustrates the host governments' dedication and the project's importance to both the nations.GTA continues to support BP’s objective of creating the most durable hydrocarbons to contribute to energy security.
According to BP, a contract for joint exploration and production of the BirAllah gas potential in Mauritania was signed in October 2022. Furthermore, BP continues to collaborate with partners on the construction of Yakaar Teranga, a significant gas-to-power project in Senegal. Most recently, BP and the government of Mauritania signed a memorandum of understanding (MoU) to deliver a program investigating the possibilities for large-scale green hydrogen generation in the region.
Some better-ranked stocks for investors interested in the energy space are Murphy USA Inc. (MUSA - Free Report) and Valero Energy Corporation (VLO - Free Report) both sporting a Zacks Rank #1 and PBF Energy (PBF - Free Report) carrying a Zacks Rank #2 (Buy).
Murphy USA operates stations close to Walmart supercenters and sells low-cost, high-volume fuel. This helps the company to get a lot more business than its competitors. Another significant competitive advantage for the firm is its access to product distribution centers and pipelines, which helps control costs in the intensely competitive retail sector. Over the past 30 days, MUSA has witnessed upward earnings estimate revisions for 2023 and 2024.
Valero Energy, a TX-based company, is one of the largest independent refiners and marketers of petroleum products in the US. With 15 refineries spread across Canada, the United States and the United Kingdom, it has a daily refining capacity of 3.1 million barrels. Over the past 30 days, VLO has seen an upward revision in earnings estimates for 2023.
PBF Energy is a leading crude oil refiner and offers end products that include heating oil, transportation fuels, lubricants, and many other related items through five oil refineries and accompanying infrastructure throughout the United States. Over the past 30 days, PBF has seen an upward revision in earnings estimates for 2024.
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BP & Partners Advance GTA Project to Next Evaluation Phase
BP PLC (BP - Free Report) and its partners recently validated the development concept for the second phase of the Greater Tortue Ahmeyim (GTA) liquefied natural gas (LNG) project, which will move to the next phase of assessment.
The consortium, made up of BP, PETROSEN, Société Mauritanienne des Hydrocarbures (SMH) and Kosmos Energy, will assess a gravity-based structure (GBS) as the foundation for the GTA Phase 2 extension project (GTA2). This will have an annual capacity of 2.5-3.0 million tons. With the structure serving as both a foundation for liquefaction facilities and a storage facility for LNG, GBS LNG installations, it has a static link to the seabed.
The proposed design will also use and build upon the GTA infrastructure by including additional wells and subsea apparatus. In order to reduce operating emissions, the collaboration will look into liquefying LNG using electricity. BP and its partners are now working with contractors to move the idea closer to the pre-FEED stage.
According to Gordon Birrell, executive vice president for operations and production at BP, the British energy giant aims to expand solid collaboration with partners and the Governments of Mauritania and Senegal. The idea is to further establish a long-term, prosperous energy hub in West Africa. The Presidents of Mauritania and Senegal accorded the GTA project the designation of "National Project of Strategic Importance" in July 2021. This acknowledgement illustrates the host governments' dedication and the project's importance to both the nations.GTA continues to support BP’s objective of creating the most durable hydrocarbons to contribute to energy security.
According to BP, a contract for joint exploration and production of the BirAllah gas potential in Mauritania was signed in October 2022. Furthermore, BP continues to collaborate with partners on the construction of Yakaar Teranga, a significant gas-to-power project in Senegal. Most recently, BP and the government of Mauritania signed a memorandum of understanding (MoU) to deliver a program investigating the possibilities for large-scale green hydrogen generation in the region.
Zacks Rank & Key Picks
BP currently carries a Zack Rank #3 (Hold).
You can see the complete list of today’s Zacks #1Rank (Strong Buy) stocks here.
Some better-ranked stocks for investors interested in the energy space are Murphy USA Inc. (MUSA - Free Report) and Valero Energy Corporation (VLO - Free Report) both sporting a Zacks Rank #1 and PBF Energy (PBF - Free Report) carrying a Zacks Rank #2 (Buy).
Murphy USA operates stations close to Walmart supercenters and sells low-cost, high-volume fuel. This helps the company to get a lot more business than its competitors. Another significant competitive advantage for the firm is its access to product distribution centers and pipelines, which helps control costs in the intensely competitive retail sector. Over the past 30 days, MUSA has witnessed upward earnings estimate revisions for 2023 and 2024.
Valero Energy, a TX-based company, is one of the largest independent refiners and marketers of petroleum products in the US. With 15 refineries spread across Canada, the United States and the United Kingdom, it has a daily refining capacity of 3.1 million barrels. Over the past 30 days, VLO has seen an upward revision in earnings estimates for 2023.
PBF Energy is a leading crude oil refiner and offers end products that include heating oil, transportation fuels, lubricants, and many other related items through five oil refineries and accompanying infrastructure throughout the United States. Over the past 30 days, PBF has seen an upward revision in earnings estimates for 2024.