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BP Plans New Technical Center for Diverse Energy Support
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BP Plc (BP - Free Report) announced plans to establish a center of technical excellence, known as BP Technical Solutions India (“BP TSI”), in Pune, India. The center represents a significant advancement in BP’s global technical and engineering expertise.
The center is set to employ more than 400 people by the end of 2024, with plans to scale up to more than 1,000 staff over a multi-year period. The development is expected to offer substantial job opportunities in the region, particularly for those with engineering and technical backgrounds.
BP TSI will provide multiple technical services, including engineering, maintenance, optimization, data processes, projects and subsurface activities. The broad scope indicates the center’s role in supporting BP’s diverse energy businesses, including hydrocarbons and emerging sectors in new energy.
The center will not only bolster BP’s presence in India but also contribute to its global operations. The move underscores BP’s commitment to leveraging global talent pools and technology to advance its energy businesses.
Pune is already home to BP’s global business solution center, and is an innovation and engineering digital hub. The decision to place this center here is strategic, considering the city’s existing infrastructure and BP’s ongoing activities.
The company emphasized the center’s role in speeding up the transformation of its engineering practices and reimagining energy solutions. This effort aligns with its broader strategy to innovate and adapt in a rapidly changing energy landscape.
The creation of BP TSI signifies a significant step in the company’s journey toward innovation and technical excellence, utilizing India’s extensive talent pool to foster growth and development in the energy sector.
Zacks Rank & Stocks to Consider
BP currently carries a Zacks Rank #5 (Strong Sell).
Sunoco LP (SUN - Free Report) is among the biggest motor fuel distributors in the U.S. wholesale market in terms of volumes. Sunoco has a core competency in terms of its history of disciplined expense management.
The Zacks Consensus Estimate for SUN’s 2024 EPS is pegged at $3.83. SUN currently has a Zacks Style Score of B for Value and Growth.
Oceaneering International, Inc. (OII - Free Report) is one of the leading suppliers of offshore equipment and technology solutions to the energy industry.
The Zacks Consensus Estimate for OII’s 2024 EPS is pegged at $1.52. OII currently has a Zacks Style Score of A for Growth, and B for Value and Momentum.
Enbridge Inc. (ENB - Free Report) is a leading energy infrastructure company. The company plans to introduce more than C$19 billion in development projects, contributing to significant EBITDA growth in the near future.
The Zacks Consensus Estimate for ENB’s 2023 and 2024 EPS is pegged at $2.13. ENB currently has a Zacks Style Score of A for Momentum.
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BP Plans New Technical Center for Diverse Energy Support
BP Plc (BP - Free Report) announced plans to establish a center of technical excellence, known as BP Technical Solutions India (“BP TSI”), in Pune, India. The center represents a significant advancement in BP’s global technical and engineering expertise.
The center is set to employ more than 400 people by the end of 2024, with plans to scale up to more than 1,000 staff over a multi-year period. The development is expected to offer substantial job opportunities in the region, particularly for those with engineering and technical backgrounds.
BP TSI will provide multiple technical services, including engineering, maintenance, optimization, data processes, projects and subsurface activities. The broad scope indicates the center’s role in supporting BP’s diverse energy businesses, including hydrocarbons and emerging sectors in new energy.
The center will not only bolster BP’s presence in India but also contribute to its global operations. The move underscores BP’s commitment to leveraging global talent pools and technology to advance its energy businesses.
Pune is already home to BP’s global business solution center, and is an innovation and engineering digital hub. The decision to place this center here is strategic, considering the city’s existing infrastructure and BP’s ongoing activities.
The company emphasized the center’s role in speeding up the transformation of its engineering practices and reimagining energy solutions. This effort aligns with its broader strategy to innovate and adapt in a rapidly changing energy landscape.
The creation of BP TSI signifies a significant step in the company’s journey toward innovation and technical excellence, utilizing India’s extensive talent pool to foster growth and development in the energy sector.
Zacks Rank & Stocks to Consider
BP currently carries a Zacks Rank #5 (Strong Sell).
Investors interested in the energy sector may look at some better-ranked companies mentioned below. The three companies presently sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Sunoco LP (SUN - Free Report) is among the biggest motor fuel distributors in the U.S. wholesale market in terms of volumes. Sunoco has a core competency in terms of its history of disciplined expense management.
The Zacks Consensus Estimate for SUN’s 2024 EPS is pegged at $3.83. SUN currently has a Zacks Style Score of B for Value and Growth.
Oceaneering International, Inc. (OII - Free Report) is one of the leading suppliers of offshore equipment and technology solutions to the energy industry.
The Zacks Consensus Estimate for OII’s 2024 EPS is pegged at $1.52. OII currently has a Zacks Style Score of A for Growth, and B for Value and Momentum.
Enbridge Inc. (ENB - Free Report) is a leading energy infrastructure company. The company plans to introduce more than C$19 billion in development projects, contributing to significant EBITDA growth in the near future.
The Zacks Consensus Estimate for ENB’s 2023 and 2024 EPS is pegged at $2.13. ENB currently has a Zacks Style Score of A for Momentum.