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Eni Boosts Congo LNG Capacity With New Nguya FLNG Facility
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Eni SpA (E - Free Report) , the Italian energy giant, has taken a significant step toward expanding its liquefied natural gas (LNG) operations in the Republic of Congo with the launch of the Nguya Floating Liquefied Natural Gas (“FLNG”) facility. The facility's hull was unveiled at Wison Heavy Industry's shipyard in Nantong, China, marking a milestone for the Congo LNG project.
Scheduled to be deployed offshore Congo, the Nguya FLNG boasts a liquefaction capacity of 2.4 million tons per annum (MTPA). This new facility will join the Tango FLNG, which has been operational since December 2023 and has a capacity of 0.6 MTPA. The two units will raise the Congo LNG project’s total liquefaction capacity to an impressive 3 MTPA by the end of 2025.
The Nguya FLNG is Eni’s second FLNG unit in Congo and represents a deepening partnership between the energy giant and the African nation. In 2022, Eni secured a contract with Wison Heavy Industry to establish this facility as part of a broader strategy to bolster LNG production and exports.
Earlier this year, Congo marked a milestone by exporting its first LNG shipment to Italy, underscoring its growing prominence in the global energy market. Eni emphasized its strategic vision in recognizing and utilizing Congo's gas potential for domestic energy needs and international exports.
The Congo LNG project underscores Eni’s commitment to leveraging Africa’s energy resources to address global energy demands. The combined capabilities of the Nguya and Tango FLNG facilities will bolster Congo’s energy export potential and enhance its domestic energy infrastructure, aligning with Eni’s dual focus on export growth and local development.
As the Nguya FLNG prepares for its deployment, Eni continues to solidify its leadership in floating LNG solutions, reinforcing its role in shaping the future of global energy markets.
Smart Sand is a low-cost producer of high-quality Northern White frac sand, an ideal proppant for hydraulic fracturing and various industrial applications. The company provides proppant and other logistics services for several companies in the oil and gas industry. With sustained oil and gas market demand, SND is expected to see growing demand for its services, reflecting a positive outlook.
FuelCell Energy is a clean energy company offering low-carbon energy solutions. It produces power using flexible fuel sources such as biogas, natural gas and hydrogen. The company designs fuel cells that generate electricity through an electrochemical process that combines fuel with air, reducing carbon emissions and minimizing the environmental impact of power generation. As such, FCEL is anticipated to play a crucial role in the energy transition by enabling industries and communities to shift from traditional fossil fuels to low-carbon alternatives.
Nine Energy Service provides onshore completion and production services for unconventional oil and gas resource development. The company operates across key prolific basins in the United States, including the Permian, Eagle Ford, MidCon, Barnett, Bakken, Rockies, Marcellus and Utica, as well as throughout Canada. With a sustained demand for oil and gas in the future, the demand for NINE’s services is anticipated to increase, which should position the company for growth in the long run.
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Eni Boosts Congo LNG Capacity With New Nguya FLNG Facility
Eni SpA (E - Free Report) , the Italian energy giant, has taken a significant step toward expanding its liquefied natural gas (LNG) operations in the Republic of Congo with the launch of the Nguya Floating Liquefied Natural Gas (“FLNG”) facility. The facility's hull was unveiled at Wison Heavy Industry's shipyard in Nantong, China, marking a milestone for the Congo LNG project.
Scheduled to be deployed offshore Congo, the Nguya FLNG boasts a liquefaction capacity of 2.4 million tons per annum (MTPA). This new facility will join the Tango FLNG, which has been operational since December 2023 and has a capacity of 0.6 MTPA. The two units will raise the Congo LNG project’s total liquefaction capacity to an impressive 3 MTPA by the end of 2025.
The Nguya FLNG is Eni’s second FLNG unit in Congo and represents a deepening partnership between the energy giant and the African nation. In 2022, Eni secured a contract with Wison Heavy Industry to establish this facility as part of a broader strategy to bolster LNG production and exports.
Earlier this year, Congo marked a milestone by exporting its first LNG shipment to Italy, underscoring its growing prominence in the global energy market. Eni emphasized its strategic vision in recognizing and utilizing Congo's gas potential for domestic energy needs and international exports.
The Congo LNG project underscores Eni’s commitment to leveraging Africa’s energy resources to address global energy demands. The combined capabilities of the Nguya and Tango FLNG facilities will bolster Congo’s energy export potential and enhance its domestic energy infrastructure, aligning with Eni’s dual focus on export growth and local development.
As the Nguya FLNG prepares for its deployment, Eni continues to solidify its leadership in floating LNG solutions, reinforcing its role in shaping the future of global energy markets.
E’s Zacks Rank & Key Picks
E currently has a Zack Rank #3 (Hold).
Investors interested in the energy sector may look at some better-ranked stocks like Smart Sand, Inc. (SND - Free Report) , FuelCell Energy (FCEL - Free Report) and Nine Energy Service (NINE - Free Report) , each presently carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Smart Sand is a low-cost producer of high-quality Northern White frac sand, an ideal proppant for hydraulic fracturing and various industrial applications. The company provides proppant and other logistics services for several companies in the oil and gas industry. With sustained oil and gas market demand, SND is expected to see growing demand for its services, reflecting a positive outlook.
FuelCell Energy is a clean energy company offering low-carbon energy solutions. It produces power using flexible fuel sources such as biogas, natural gas and hydrogen. The company designs fuel cells that generate electricity through an electrochemical process that combines fuel with air, reducing carbon emissions and minimizing the environmental impact of power generation. As such, FCEL is anticipated to play a crucial role in the energy transition by enabling industries and communities to shift from traditional fossil fuels to low-carbon alternatives.
Nine Energy Service provides onshore completion and production services for unconventional oil and gas resource development. The company operates across key prolific basins in the United States, including the Permian, Eagle Ford, MidCon, Barnett, Bakken, Rockies, Marcellus and Utica, as well as throughout Canada. With a sustained demand for oil and gas in the future, the demand for NINE’s services is anticipated to increase, which should position the company for growth in the long run.