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BP Taps Noble Rig for Key Role in UK Carbon Storage Project
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BP plc (BP - Free Report) has awarded a multi-well drilling contract to Noble Corporation for its Noble Innovator jack-up rig to support the Northern Endurance Partnership (“NEP”) carbon storage project in the North Sea. This latest assignment underlines BP's increasing commitment to carbon capture and storage (CCS) as a cornerstone of its energy transition strategy.
BP to Use Noble Rig for Six NEP Wells
Under the newly signed agreement, the Noble Innovator will drill six firm wells starting in the third quarter of 2026, with options for two additional wells. The contract builds on Noble’s ongoing engagement with BP that began in December 2022 and has since seen several extensions, including a recent two-well addition in December 2024, bringing the day rate up to $155,000. The rig’s current contract now extends through November 2026.
The Noble Innovator, built in 2003 and capable of housing 120 personnel, is specifically designed for ultra-harsh environments and will be instrumental in enabling BP to develop the well infrastructure required for the NEP.
NEP: A Major UK Carbon Storage Initiative
The Northern Endurance Partnership, comprising BP, Equinor and TotalEnergies, was granted the UK’s first carbon storage license by the North Sea Transition Authority in December 2024. Located 75 kilometers east of Flamborough Head off Teesside, the project is aimed at injecting up to 4 million metric tons of CO2 annually over a 25-year span, with a total capacity of 100 million tons.
Construction is expected to commence in mid-2025, with initial CO2 injections starting as early as 2027, and full operations by 2028. The project recently completed the planning phase for an offshore geophysical survey, which is set to begin in March 2025.
Noble Strengthens CCS Credentials
This contract award follows Noble’s receipt of a CCS-specific certification from classification society DNV, reinforcing its strategic shift toward supporting decarbonization infrastructure.
Blake Denton, SVP of Marketing and Contracts at Noble, emphasized that the new contract aligns with the company’s commitment to supporting the UK’s net-zero objectives through offshore well infrastructure. He noted that the award strengthens Noble’s position in offshore carbon storage and reflects BP’s continued confidence in the firm’s capabilities.
As BP accelerates its energy transition efforts, this partnership with Noble marks a significant step in transforming the North Sea into a hub for industrial decarbonization.
BP’s Zacks Rank & Key Picks
BP currently carries a Zack Rank #5 (Strong Sell).
Subsea 7 helps build underwater oil and gas fields. It is a top player in the Oil and Gas Equipment and Services market, which is expected to grow as oil and gas production moves further offshore.
The Zacks Consensus Estimate for SUBCY’s 2025 EPS is pegged at $1.31. The company has a Value Score of A.
Energy Transfer is poised to benefit from long-term fee-based commitments. It is also focused on expanding operations through organic and inorganic initiatives. The firm is looking for solutions to meet growing energy demands from additional demand centers through its pipeline network. Energy Transfer’s systematic investments should boost its total fractionation capacity at Mont Belvieu and raise its top line.
The Zacks Consensus Estimate for ET’s 2025 EPS is pegged at $1.44. The company has a Value Score of A.
RPC generates strong and stable revenues through a diverse range of oilfield services, including pressure pumping, coiled tubing and rental tools. The company is strongly committed to returning value to shareholders through consistent dividends and share buybacks. RPC’s current dividend yield is higher than that of the composite stocks in the industry. Its new Tier IV dual-fuel fleet has boosted profits, with plans to further expand high-efficiency equipment to enhance operational capabilities.
The Zacks Consensus Estimate for RES’ 2025 EPS is pegged at 38 cents. The company has a Value Score of A.
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BP Taps Noble Rig for Key Role in UK Carbon Storage Project
BP plc (BP - Free Report) has awarded a multi-well drilling contract to Noble Corporation for its Noble Innovator jack-up rig to support the Northern Endurance Partnership (“NEP”) carbon storage project in the North Sea. This latest assignment underlines BP's increasing commitment to carbon capture and storage (CCS) as a cornerstone of its energy transition strategy.
BP to Use Noble Rig for Six NEP Wells
Under the newly signed agreement, the Noble Innovator will drill six firm wells starting in the third quarter of 2026, with options for two additional wells. The contract builds on Noble’s ongoing engagement with BP that began in December 2022 and has since seen several extensions, including a recent two-well addition in December 2024, bringing the day rate up to $155,000. The rig’s current contract now extends through November 2026.
The Noble Innovator, built in 2003 and capable of housing 120 personnel, is specifically designed for ultra-harsh environments and will be instrumental in enabling BP to develop the well infrastructure required for the NEP.
NEP: A Major UK Carbon Storage Initiative
The Northern Endurance Partnership, comprising BP, Equinor and TotalEnergies, was granted the UK’s first carbon storage license by the North Sea Transition Authority in December 2024. Located 75 kilometers east of Flamborough Head off Teesside, the project is aimed at injecting up to 4 million metric tons of CO2 annually over a 25-year span, with a total capacity of 100 million tons.
Construction is expected to commence in mid-2025, with initial CO2 injections starting as early as 2027, and full operations by 2028. The project recently completed the planning phase for an offshore geophysical survey, which is set to begin in March 2025.
Noble Strengthens CCS Credentials
This contract award follows Noble’s receipt of a CCS-specific certification from classification society DNV, reinforcing its strategic shift toward supporting decarbonization infrastructure.
Blake Denton, SVP of Marketing and Contracts at Noble, emphasized that the new contract aligns with the company’s commitment to supporting the UK’s net-zero objectives through offshore well infrastructure. He noted that the award strengthens Noble’s position in offshore carbon storage and reflects BP’s continued confidence in the firm’s capabilities.
As BP accelerates its energy transition efforts, this partnership with Noble marks a significant step in transforming the North Sea into a hub for industrial decarbonization.
BP’s Zacks Rank & Key Picks
BP currently carries a Zack Rank #5 (Strong Sell).
Investors interested in the energy sector may look at some better-ranked stocks like Subsea 7 S.A. (SUBCY - Free Report) , Energy Transfer LP (ET - Free Report) and RPC Inc. (RES - Free Report) . Subsea 7 presently sports a Zacks Rank #1 (Strong Buy), while Energy Transfer and RPC carry a Zacks Rank #2 (Buy) each. You can see the complete list of today’s Zacks #1 Rank stocks here.
Subsea 7 helps build underwater oil and gas fields. It is a top player in the Oil and Gas Equipment and Services market, which is expected to grow as oil and gas production moves further offshore.
The Zacks Consensus Estimate for SUBCY’s 2025 EPS is pegged at $1.31. The company has a Value Score of A.
Energy Transfer is poised to benefit from long-term fee-based commitments. It is also focused on expanding operations through organic and inorganic initiatives. The firm is looking for solutions to meet growing energy demands from additional demand centers through its pipeline network. Energy Transfer’s systematic investments should boost its total fractionation capacity at Mont Belvieu and raise its top line.
The Zacks Consensus Estimate for ET’s 2025 EPS is pegged at $1.44. The company has a Value Score of A.
RPC generates strong and stable revenues through a diverse range of oilfield services, including pressure pumping, coiled tubing and rental tools. The company is strongly committed to returning value to shareholders through consistent dividends and share buybacks. RPC’s current dividend yield is higher than that of the composite stocks in the industry. Its new Tier IV dual-fuel fleet has boosted profits, with plans to further expand high-efficiency equipment to enhance operational capabilities.
The Zacks Consensus Estimate for RES’ 2025 EPS is pegged at 38 cents. The company has a Value Score of A.