We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
BP Awards $800M Contract to Petrofac for CPF at Khazzan
Read MoreHide Full Article
BP plc (BP - Free Report) has awarded British oilfield services company, Petrofac Ltd, a contract for central processing facility (CPF) at the Khazzan Phase 2 gas development in Oman. The contract is valued at approximately $800 million.
The award closely follows on the heels of the Phase 1 CPF Khazzan project, which was awarded to Petrofac in February 2014 and was worth $1.4 billion. Phase 1 produced first gas on Sep 22, 2017.
The project scope includes the addition of a third gas train with a capacity for handling 500 mmscfd (million standard cubic feet per day). Eventually, this will boost total production capacity from the CPF to 1,500 mmscfd.
The Engineering, Procurement, Construction and Commissioning (EPCC) scope of work comprises liquid and compression trains and related infrastructure. Brownfield work to link the facilities is also a part of Phase 2 award.
BP expects to drill about 300 wells over the lifetime of the Khazzan field. Moreover, the phases are estimated to yield about 10.5 trillion cubic feet of recoverable gas resources.
BP’s presence in Oman dates back to 2007. BP is the lead partner in the Khazzan project with an interest of 60%. The remaining 40% is held by Oman Oil Company Exploration & Production.
Khazzan gas field is the sixth and largest of seven new upstream projects for BP that was due to commence production in 2017.
Price Performance
Shares of the company have gained 13% compared with the industry’s rally of 6.9% in the last three months.
Zacks Rank & Key Picks
BPcurrently flaunts a Zacks Rank #1 (Strong Buy). Other top-ranked players in the energy sector include Holly Energy Partners, LP , SunCoke Energy Inc (SXC - Free Report) and Northern Oil and Gas Inc (NOG - Free Report) . All these stocks sport a Zacks Rank #1. You can see the complete list of today’s Zacks #1 Rank stocks here.
Holly Energy Partners, owner and operator of refined product pipelines and terminals, delivered an average positive earnings surprise of 57.14% in the preceding quarter.
SunCoke Energy produces metallurgical coke in the United States. The company delivered an average positive earnings surprise of 113.52% in the last four quarters.
Northern Oil and Gas, based in Minnetonka, MN, is an independent energy company. The company delivered an average earnings surprise of 175.00% in the last four quarters.
Will You Make a Fortune on the Shift to Electric Cars? Here's another stock idea to consider. Much like petroleum 150 years ago, lithium power may soon shake the world, creating millionaires and reshaping geo-politics. Soon electric vehicles (EVs) may be cheaper than gas guzzlers. Some are already reaching 265 miles on a single charge.
With battery prices plummeting and charging stations set to multiply, one company stands out as the #1 stock to buy according to Zacks research.
Image: Bigstock
BP Awards $800M Contract to Petrofac for CPF at Khazzan
BP plc (BP - Free Report) has awarded British oilfield services company, Petrofac Ltd, a contract for central processing facility (CPF) at the Khazzan Phase 2 gas development in Oman. The contract is valued at approximately $800 million.
The award closely follows on the heels of the Phase 1 CPF Khazzan project, which was awarded to Petrofac in February 2014 and was worth $1.4 billion. Phase 1 produced first gas on Sep 22, 2017.
The project scope includes the addition of a third gas train with a capacity for handling 500 mmscfd (million standard cubic feet per day). Eventually, this will boost total production capacity from the CPF to 1,500 mmscfd.
The Engineering, Procurement, Construction and Commissioning (EPCC) scope of work comprises liquid and compression trains and related infrastructure. Brownfield work to link the facilities is also a part of Phase 2 award.
BP expects to drill about 300 wells over the lifetime of the Khazzan field. Moreover, the phases are estimated to yield about 10.5 trillion cubic feet of recoverable gas resources.
BP’s presence in Oman dates back to 2007. BP is the lead partner in the Khazzan project with an interest of 60%. The remaining 40% is held by Oman Oil Company Exploration & Production.
Khazzan gas field is the sixth and largest of seven new upstream projects for BP that was due to commence production in 2017.
Price Performance
Shares of the company have gained 13% compared with the industry’s rally of 6.9% in the last three months.
Zacks Rank & Key Picks
BPcurrently flaunts a Zacks Rank #1 (Strong Buy). Other top-ranked players in the energy sector include Holly Energy Partners, LP , SunCoke Energy Inc (SXC - Free Report) and Northern Oil and Gas Inc (NOG - Free Report) . All these stocks sport a Zacks Rank #1. You can see the complete list of today’s Zacks #1 Rank stocks here.
Holly Energy Partners, owner and operator of refined product pipelines and terminals, delivered an average positive earnings surprise of 57.14% in the preceding quarter.
SunCoke Energy produces metallurgical coke in the United States. The company delivered an average positive earnings surprise of 113.52% in the last four quarters.
Northern Oil and Gas, based in Minnetonka, MN, is an independent energy company. The company delivered an average earnings surprise of 175.00% in the last four quarters.
Will You Make a Fortune on the Shift to Electric Cars?
Here's another stock idea to consider. Much like petroleum 150 years ago, lithium power may soon shake the world, creating millionaires and reshaping geo-politics. Soon electric vehicles (EVs) may be cheaper than gas guzzlers. Some are already reaching 265 miles on a single charge.
With battery prices plummeting and charging stations set to multiply, one company stands out as the #1 stock to buy according to Zacks research.
It's not the one you think.
See This Ticker Free >>