We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Shell (SHEL) Permits McDermott to Work on Manatee Gas Field
Read MoreHide Full Article
Shell plc (SHEL - Free Report) has given the green light to contractor, McDermott International Ltd, to commence engineering work on the Manatee gas field development project in a significant move toward addressing Trinidad and Tobago's ongoing natural gas shortage.
The project, situated off Trinidad and Tobago's east coast, aims to boost the nation's liquefied natural gas (LNG) exports, as the flagship Atlantic LNG project and associated petrochemical plants have been operating at reduced capacity due to a shortage of natural gas.
Houston-based engineering and construction company, McDermott, revealed on Tuesday that it has received authorization to proceed with the engineering, procurement, construction and installation contract, pending a final investment decision (FID). Trinidad and Tobago's Energy Minister, Stuart Young, conveyed a positive outlook regarding SHEL's upcoming endorsement of the project, anticipating that the news of an FID from Shell on the Manatee project would be received shortly.
A Shell spokesperson confirmed that the project is advancing and the company anticipates reaching the FID next year. The Manatee gas field is projected to begin production as early as 2028, contributing 700 million cubic feet per day to alleviate the nation's gas shortfall. The field, part of the cross-border Loran-Manatee discovery shared by Trinidad and Venezuela, holds an estimated 10 trillion cubic feet (tcf) of natural gas. Venezuela's side accounts for 7.3 tcf, with the remaining 2.7 tcf on Trinidad's side.
The two countries had engaged in years of negotiations to develop the reservoir and signed preliminary agreements. However, the process faced a setback in 2019 when the United States imposed sanctions on Venezuela's energy industry, delaying the final deal. This year, SHEL submitted a field development plan, which was accepted by the government of Trinidad and Tobago, outlining the peak production of 700 million cubic feet per day of gas.
Mahesh Swaminathan, senior vice president of Subsea and Floating Facilities at McDermott, commented on the recent authorization, stating that this award follows the construction company’s successful delivery of the front-end engineering design for the Manatee gas field.
Zacks Rank & Key Picks
Shell currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the energy sector are Matador Resources Company (MTDR - Free Report) , Liberty Energy Inc. (LBRT - Free Report) and Oceaneering International, Inc. (OII - Free Report) . While Matador Resources sports a Zacks Rank #1 (Strong Buy), Liberty Energy and Oceaneering International carry a Zacks Rank #2 (Buy) each at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Matador Resources is among the leading oil and gas explorers in the shale and unconventional resources in the United States. The company’s prime intention is to create more value for shareholders and generate lucrative returns from the capital invested in unconventional plays.
MTDR’s earnings beat estimates in each of the trailing four quarters, delivering an average surprise of 13.89%.
Liberty Energy is a North American provider of hydraulic fracturing services to upstream energy operators. The company’s multi-basin presence offers an attractive upside opportunity compared with most of its peers. Liberty's strong relationship with high-quality customers provides revenue visibility and business certainty.
LBRT’s earnings beat estimates in three of the trailing four quarters and missed once, delivering an average surprise of 9.88%.
Oceaneering International is a leading provider of integrated technology solutions, active at all phases of the offshore oilfield lifecycle. Its strong relationship with high-quality customers provides revenue visibility and business certainty. OII is well-positioned to supply equipment for deep-water projects.
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
Shell (SHEL) Permits McDermott to Work on Manatee Gas Field
Shell plc (SHEL - Free Report) has given the green light to contractor, McDermott International Ltd, to commence engineering work on the Manatee gas field development project in a significant move toward addressing Trinidad and Tobago's ongoing natural gas shortage.
The project, situated off Trinidad and Tobago's east coast, aims to boost the nation's liquefied natural gas (LNG) exports, as the flagship Atlantic LNG project and associated petrochemical plants have been operating at reduced capacity due to a shortage of natural gas.
Houston-based engineering and construction company, McDermott, revealed on Tuesday that it has received authorization to proceed with the engineering, procurement, construction and installation contract, pending a final investment decision (FID). Trinidad and Tobago's Energy Minister, Stuart Young, conveyed a positive outlook regarding SHEL's upcoming endorsement of the project, anticipating that the news of an FID from Shell on the Manatee project would be received shortly.
A Shell spokesperson confirmed that the project is advancing and the company anticipates reaching the FID next year. The Manatee gas field is projected to begin production as early as 2028, contributing 700 million cubic feet per day to alleviate the nation's gas shortfall. The field, part of the cross-border Loran-Manatee discovery shared by Trinidad and Venezuela, holds an estimated 10 trillion cubic feet (tcf) of natural gas. Venezuela's side accounts for 7.3 tcf, with the remaining 2.7 tcf on Trinidad's side.
The two countries had engaged in years of negotiations to develop the reservoir and signed preliminary agreements. However, the process faced a setback in 2019 when the United States imposed sanctions on Venezuela's energy industry, delaying the final deal. This year, SHEL submitted a field development plan, which was accepted by the government of Trinidad and Tobago, outlining the peak production of 700 million cubic feet per day of gas.
Mahesh Swaminathan, senior vice president of Subsea and Floating Facilities at McDermott, commented on the recent authorization, stating that this award follows the construction company’s successful delivery of the front-end engineering design for the Manatee gas field.
Zacks Rank & Key Picks
Shell currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the energy sector are Matador Resources Company (MTDR - Free Report) , Liberty Energy Inc. (LBRT - Free Report) and Oceaneering International, Inc. (OII - Free Report) . While Matador Resources sports a Zacks Rank #1 (Strong Buy), Liberty Energy and Oceaneering International carry a Zacks Rank #2 (Buy) each at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Matador Resources is among the leading oil and gas explorers in the shale and unconventional resources in the United States. The company’s prime intention is to create more value for shareholders and generate lucrative returns from the capital invested in unconventional plays.
MTDR’s earnings beat estimates in each of the trailing four quarters, delivering an average surprise of 13.89%.
Liberty Energy is a North American provider of hydraulic fracturing services to upstream energy operators. The company’s multi-basin presence offers an attractive upside opportunity compared with most of its peers. Liberty's strong relationship with high-quality customers provides revenue visibility and business certainty.
LBRT’s earnings beat estimates in three of the trailing four quarters and missed once, delivering an average surprise of 9.88%.
Oceaneering International is a leading provider of integrated technology solutions, active at all phases of the offshore oilfield lifecycle. Its strong relationship with high-quality customers provides revenue visibility and business certainty. OII is well-positioned to supply equipment for deep-water projects.