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Baker Hughes (BKR) Gets Subsea Contract for Baleine Project
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Baker Hughes Company (BKR - Free Report) has been awarded a subsea contract by Eni SPA (E - Free Report) and its partner Petroci for the Baleine phase 2 project in Ivory Coast.
Per the terms of the contract, Baker Hughes will deliver eight deep-water trees and three Aptara manifolds. The oilfield service player will also supply the associated subsea production control system, along with flexible risers and jumpers.
The Baleine oil and gas field is the largest hydrocarbon discovery in Ivory Coast. The field extends over the CI-101 and CI-802 blocks. The discovery is estimated to hold 2.5 billion barrels of oil and 3.3 trillion cubic feet of associated gas.
The contract’s scope involves the delivery of a configured-to-order product portfolio across subsea production and flexible pipe systems. The deep-water trees and manifolds are anticipated to provide efficiency and profitability under challenging circumstances.
The system’s modular design will help reduce lead times, which is crucial to the economic feasibility of such development projects. The agreement expands Baker Hughes’ presence and unlocks significant development opportunities in West Africa.
Notably, Baker Hughes will deliver advanced technology, which will strengthen the energy security in Ivory Coast. This is Africa’s first development project with scope 1 and 2 emission-reduction goals.
Eni has been active in multiple exploration blocks off the Ivorian coast. In March 2023, the Italy energy giant awarded a contract to oilfield services company Saipem to perform drilling offshore the Ivory Coast. Eni was executing the project for the development of the Baleine oil and gas field.
Price Performance
Shares of BKR have outperformed the industry in the past three months. The stock has gained 10.2% compared to the industry’s 5.7% growth.
Image Source: Zacks Investment Research
Zacks Rank & Stocks to Consider
Baker Hughes currently carries a Zack Rank #3 (Hold).
Seadrill is a market-leading international driller with strong exposure in key strategic basins like the U.S. Gulf of Mexico, Brazil and Angola. SDRL reported first-quarter 2023 earnings of 83 cents per share, beating the Zacks Consensus Estimate of earnings of 55 cents per share.
Seadrill has witnessed upward earnings estimate revisions for 2023 and 2024 in the past 30 days. The consensus estimate for SDRL’s 2023 and 2024 earnings is pegged at $2.93 per share and $4.01 per share, respectively.
Evolution Petroleum is an independent energy company. EPM reported first-quarter 2023 earnings of 42 cents per share, beating the Zacks Consensus Estimate of earnings of 17 cents per share.
Evolution Petroleum has witnessed upward earnings estimate revisions for 2023 and 2024 in the past 60 days. The consensus estimate for EPM’s 2023 and 2024 earnings is pegged at $1.11 per share and $1.05 per share, respectively.
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Baker Hughes (BKR) Gets Subsea Contract for Baleine Project
Baker Hughes Company (BKR - Free Report) has been awarded a subsea contract by Eni SPA (E - Free Report) and its partner Petroci for the Baleine phase 2 project in Ivory Coast.
Per the terms of the contract, Baker Hughes will deliver eight deep-water trees and three Aptara manifolds. The oilfield service player will also supply the associated subsea production control system, along with flexible risers and jumpers.
The Baleine oil and gas field is the largest hydrocarbon discovery in Ivory Coast. The field extends over the CI-101 and CI-802 blocks. The discovery is estimated to hold 2.5 billion barrels of oil and 3.3 trillion cubic feet of associated gas.
The contract’s scope involves the delivery of a configured-to-order product portfolio across subsea production and flexible pipe systems. The deep-water trees and manifolds are anticipated to provide efficiency and profitability under challenging circumstances.
The system’s modular design will help reduce lead times, which is crucial to the economic feasibility of such development projects. The agreement expands Baker Hughes’ presence and unlocks significant development opportunities in West Africa.
Notably, Baker Hughes will deliver advanced technology, which will strengthen the energy security in Ivory Coast. This is Africa’s first development project with scope 1 and 2 emission-reduction goals.
Eni has been active in multiple exploration blocks off the Ivorian coast. In March 2023, the Italy energy giant awarded a contract to oilfield services company Saipem to perform drilling offshore the Ivory Coast. Eni was executing the project for the development of the Baleine oil and gas field.
Price Performance
Shares of BKR have outperformed the industry in the past three months. The stock has gained 10.2% compared to the industry’s 5.7% growth.
Image Source: Zacks Investment Research
Zacks Rank & Stocks to Consider
Baker Hughes currently carries a Zack Rank #3 (Hold).
Some better-ranked players in the energy space are Seadrill Limited (SDRL - Free Report) and Evolution Petroleum Corporation (EPM - Free Report) , currently sporting a Zacks Rank of 1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Seadrill is a market-leading international driller with strong exposure in key strategic basins like the U.S. Gulf of Mexico, Brazil and Angola. SDRL reported first-quarter 2023 earnings of 83 cents per share, beating the Zacks Consensus Estimate of earnings of 55 cents per share.
Seadrill has witnessed upward earnings estimate revisions for 2023 and 2024 in the past 30 days. The consensus estimate for SDRL’s 2023 and 2024 earnings is pegged at $2.93 per share and $4.01 per share, respectively.
Evolution Petroleum is an independent energy company. EPM reported first-quarter 2023 earnings of 42 cents per share, beating the Zacks Consensus Estimate of earnings of 17 cents per share.
Evolution Petroleum has witnessed upward earnings estimate revisions for 2023 and 2024 in the past 60 days. The consensus estimate for EPM’s 2023 and 2024 earnings is pegged at $1.11 per share and $1.05 per share, respectively.