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Saipem (SAPMF) Secures $850M Contract to Develop Ndungu Field
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Saipem S.p.A (SAPMF - Free Report) , the offshore oilfield services company, has been awarded a contract by Azule Energy, worth $850 million, for the development of Ndungu field. Azule Energy is a joint venture of BP and Eni.
Per the contract, Saipem will be responsible for engineering, fabrication, transportation and installation of approximately 60 km of rigid pipelines, and of the subsea facilities at water depths of around 1,100 meters. The scope of work also encompasses the transportation and installation of flexible flowlines, jumpers and 17 km of umbilicals.
The Ndungu field development project is part of the Agogo Integrated West Hub project, which is located approximately 180 km offshore Angola. The company will carry out the fabrication processes at its Ambriz yard in Angola. SAPMF plans to deploy its FDS vessel for the offshore installation campaign, which includes transportation and laying of the rigid pipelines.
The Agogo Integrated West Hub project is operated by Azule Energy, in partnership with Sonangol P&P and SSI Fifteen.
For this project, Yinson Production will be responsible for delivering Agogo FPSO. The FPSO has been designed to have a production capacity of 120,000 barrels of oil per day along with an elaborate suite of carbon emission reduction technologies. Agogo FPSO is the first of its kind to have carbon-capture technology onboard.
Archrock is an energy infrastructure company based in the United States, with a focus on midstream natural gas compression. It provides natural gas contract compression services and generates stable fee-based revenues.
SM Energy is an upstream energy firm operating in the prolific Midland Basin region and the South Texas region. For 2024, the company expects its production to increase from the prior-year reported figure, signaling a bright production outlook.
Eni is a leading global integrated energy company with a prominent focus on liquefied natural gas businesses. As natural gas has a lesser carbon footprint compared with other fossil fuel, it will play an important role in the global energy transition process. Eni’s participation in the natural gas market will allow it capitalize on the mounting global demand in the future.
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Saipem (SAPMF) Secures $850M Contract to Develop Ndungu Field
Saipem S.p.A (SAPMF - Free Report) , the offshore oilfield services company, has been awarded a contract by Azule Energy, worth $850 million, for the development of Ndungu field. Azule Energy is a joint venture of BP and Eni.
Per the contract, Saipem will be responsible for engineering, fabrication, transportation and installation of approximately 60 km of rigid pipelines, and of the subsea facilities at water depths of around 1,100 meters. The scope of work also encompasses the transportation and installation of flexible flowlines, jumpers and 17 km of umbilicals.
The Ndungu field development project is part of the Agogo Integrated West Hub project, which is located approximately 180 km offshore Angola. The company will carry out the fabrication processes at its Ambriz yard in Angola. SAPMF plans to deploy its FDS vessel for the offshore installation campaign, which includes transportation and laying of the rigid pipelines.
The Agogo Integrated West Hub project is operated by Azule Energy, in partnership with Sonangol P&P and SSI Fifteen.
For this project, Yinson Production will be responsible for delivering Agogo FPSO. The FPSO has been designed to have a production capacity of 120,000 barrels of oil per day along with an elaborate suite of carbon emission reduction technologies. Agogo FPSO is the first of its kind to have carbon-capture technology onboard.
Zacks Rank and Key Picks
Currently, SAPMF carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the energy sector are Archrock Inc. (AROC - Free Report) , SM Energy (SM - Free Report) and Eni SpA (E - Free Report) .Archrock and SM Energy presently sport a Zacks Rank #1 (Strong Buy) each, while Eni carries a Zacks Rank of 2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Archrock is an energy infrastructure company based in the United States, with a focus on midstream natural gas compression. It provides natural gas contract compression services and generates stable fee-based revenues.
SM Energy is an upstream energy firm operating in the prolific Midland Basin region and the South Texas region. For 2024, the company expects its production to increase from the prior-year reported figure, signaling a bright production outlook.
Eni is a leading global integrated energy company with a prominent focus on liquefied natural gas businesses. As natural gas has a lesser carbon footprint compared with other fossil fuel, it will play an important role in the global energy transition process. Eni’s participation in the natural gas market will allow it capitalize on the mounting global demand in the future.