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Eni (E) Initiates First Gas Into Congo's Tango FLNG Facility
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Eni SpA (E - Free Report) has initiated the first gas into the Tango floating liquefied natural gas (FLNG) facility, marking the Republic of the Congo’s inaugural natural gas liquefaction project.
The successful injection of gas was accomplished within 12 months of the final investment decision.
As an integral component of the Congo LNG project, the facility aligns with Eni’s fundamental efforts for supply diversification and is expected to fulfill the power generation requirements of the country.
The Tango FLNG is set to generate its inaugural LNG cargo by the first quarter of 2024, officially establishing the Republic of Congo as one of the countries producing LNG.
The Tango FLNG facility boasts a liquefaction capacity of 1 billion cubic meters per year (bcma). The Tango FLNG facility is tethered next to the Excalibur floating storage unit and employs a configuration known as split mooring. This marks the first implementation of this design in a floating LNG terminal.
Congo LNG is set to enhance gas reserves within the Marine XII permit, achieving a plateau gas liquefaction capacity of 4.5 bcma through phased development, with a commitment to minimizing routine gas flaring.
A second FLNG facility is under construction and is slated to commence production in 2025. It is expected to have a capacity of 3.5 bcma. Eni will exclusively manage the marketing of the entire LNG volume produced.
The plan involves installing two FLNG facilities at the currently operational Nene and Litchendjili fields, as well as at fields earmarked for future development.
Congo LNG anticipates meeting the energy needs of the Republic of the Congo while enabling LNG exports. The project is designed to contribute new gas volumes to the global markets, with a specific focus on fulfilling demand in Europe.
Eni, with a 55-year presence in the Congo, stands as the sole company actively engaged in the country's gas resource development. The company presently delivers gas to the Centrale Électrique du Congo, contributing to 70% of the nation’s power generation capacity.
Cenovus Energy Inc. (CVE - Free Report) is a leading integrated energy firm. The Zacks Consensus Estimate for CVE’s 2023 and 2024 earnings per share (EPS) is pegged at $1.69 and $2.37, respectively.
Cenovus stands out in terms of financial stability compared with its industry peers, maintaining a stronger balance sheet. This is evident through its consistently lower debt-to-capitalization ratio, which remains at 20%.
Sunoco LP (SUN - Free Report) is among the biggest motor fuel distributors in the U.S. wholesale market, in terms of volumes. The Zacks Consensus Estimate for SUN’s 2023 and 2024 EPS is pegged at $5.19 and $3.83, respectively.
Sunoco has a core competency in terms of its history of disciplined expense management. Over the past few years, it has demonstrated a remarkable ability to control total operating expenses, with an annual growth rate of only around 2% since 2019.
The Williams Companies (WMB - Free Report) is a premier energy infrastructure provider in North America. WMB has a thriving deepwater transportation business. The company's deepwater portfolio includes a 3,500-mile natural gas and oil gathering and transmission pipeline, and is important for future cash flows.
WMB’s debt maturity profile is in good shape, with its $4.5-billion revolver maturing in 2023. It is also paying shareholders an attractive dividend yielding around 5%. Beside this, the company has a share repurchase program worth $1.5 billion, highlighting its commitment to shareholders.
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Eni (E) Initiates First Gas Into Congo's Tango FLNG Facility
Eni SpA (E - Free Report) has initiated the first gas into the Tango floating liquefied natural gas (FLNG) facility, marking the Republic of the Congo’s inaugural natural gas liquefaction project.
The successful injection of gas was accomplished within 12 months of the final investment decision.
As an integral component of the Congo LNG project, the facility aligns with Eni’s fundamental efforts for supply diversification and is expected to fulfill the power generation requirements of the country.
The Tango FLNG is set to generate its inaugural LNG cargo by the first quarter of 2024, officially establishing the Republic of Congo as one of the countries producing LNG.
The Tango FLNG facility boasts a liquefaction capacity of 1 billion cubic meters per year (bcma). The Tango FLNG facility is tethered next to the Excalibur floating storage unit and employs a configuration known as split mooring. This marks the first implementation of this design in a floating LNG terminal.
Congo LNG is set to enhance gas reserves within the Marine XII permit, achieving a plateau gas liquefaction capacity of 4.5 bcma through phased development, with a commitment to minimizing routine gas flaring.
A second FLNG facility is under construction and is slated to commence production in 2025. It is expected to have a capacity of 3.5 bcma. Eni will exclusively manage the marketing of the entire LNG volume produced.
The plan involves installing two FLNG facilities at the currently operational Nene and Litchendjili fields, as well as at fields earmarked for future development.
Congo LNG anticipates meeting the energy needs of the Republic of the Congo while enabling LNG exports. The project is designed to contribute new gas volumes to the global markets, with a specific focus on fulfilling demand in Europe.
Eni, with a 55-year presence in the Congo, stands as the sole company actively engaged in the country's gas resource development. The company presently delivers gas to the Centrale Électrique du Congo, contributing to 70% of the nation’s power generation capacity.
Zacks Rank & Key Picks
Eni currently has a Zack Rank #3 (Hold).
Investors interested in the energy sector might look at the following companies that presently sport a Zacks Rank #1 (Strong Buy) each. You can see the complete list of today’s Zacks #1 Rank stocks here.
Cenovus Energy Inc. (CVE - Free Report) is a leading integrated energy firm. The Zacks Consensus Estimate for CVE’s 2023 and 2024 earnings per share (EPS) is pegged at $1.69 and $2.37, respectively.
Cenovus stands out in terms of financial stability compared with its industry peers, maintaining a stronger balance sheet. This is evident through its consistently lower debt-to-capitalization ratio, which remains at 20%.
Sunoco LP (SUN - Free Report) is among the biggest motor fuel distributors in the U.S. wholesale market, in terms of volumes. The Zacks Consensus Estimate for SUN’s 2023 and 2024 EPS is pegged at $5.19 and $3.83, respectively.
Sunoco has a core competency in terms of its history of disciplined expense management. Over the past few years, it has demonstrated a remarkable ability to control total operating expenses, with an annual growth rate of only around 2% since 2019.
The Williams Companies (WMB - Free Report) is a premier energy infrastructure provider in North America. WMB has a thriving deepwater transportation business. The company's deepwater portfolio includes a 3,500-mile natural gas and oil gathering and transmission pipeline, and is important for future cash flows.
WMB’s debt maturity profile is in good shape, with its $4.5-billion revolver maturing in 2023. It is also paying shareholders an attractive dividend yielding around 5%. Beside this, the company has a share repurchase program worth $1.5 billion, highlighting its commitment to shareholders.