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ExxonMobil & Partners Plan to Begin Deepwater Drilling Offshore Greece
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Key Takeaways
XOM and partners plan deepwater drilling offshore Greece starting February 2027.
Consortium to explore offshore block in western Greece using Stena's advanced drilling vessel.
Exploration efforts aim to boost Greece's energy supply and cut import reliance.
Exxon Mobil Corporation (XOM - Free Report) , Energean plc and Helleniq Energy intend to sign an agreement with Stena Drilling to pursue exploration activities offshore Greece, per a Reuters report. The exploratory drilling will be conducted in an offshore block in western Greece and is set to begin in February 2027, according to the country’s energy ministry. This agreement follows an earlier deal announced by the consortium to explore natural gas in Block 2 in the Ionian Sea.
Stena Drilling plans to use an advanced, high-performance vessel that has the capacity to operate in ultradeep waters and has a drilling depth of up to 35,000 feet. This vessel will enable the exploration of oil and gas reserves that were previously considered difficult to access, according to an energy ministry official. Greece produces small amounts of oil and gas and mainly relies on energy imports for domestic consumption. The exploratory drilling campaign conducted by the consortium, involving the energy giant XOM, will bolster Greece’s energy supplies and help reduce its dependence on energy imports.
Equinor ASA is one of the leading integrated energy companies globally and a major supplier of natural gas in Europe. The recent conflict between the United States and Iran has resulted in a spike in gas prices and disrupted LNG supply, following damage to critical infrastructure in Qatar, tightening global LNG supply. This is expected to boost demand for Equinor’s gas exports to Europe, positioning the company to benefit from heightened prices. The company’s expansion in the renewable energy space positions it for long-term growth as more countries transition toward cleaner energy solutions to meet their climate goals.
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. With natural gas playing an increasingly important role in the energy transition journey, AROC is expected to witness sustained demand for its services.
Subsea7 helps build underwater oil and gas fields. It is a leading player in the global offshore energy industry, providing engineering, construction and related services at offshore oil and gas fields. The long-term outlook for energy demand remains positive, and Subsea7’s focus on cost-efficient deepwater projects strengthens the position of its subsea business.
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ExxonMobil & Partners Plan to Begin Deepwater Drilling Offshore Greece
Key Takeaways
Exxon Mobil Corporation (XOM - Free Report) , Energean plc and Helleniq Energy intend to sign an agreement with Stena Drilling to pursue exploration activities offshore Greece, per a Reuters report. The exploratory drilling will be conducted in an offshore block in western Greece and is set to begin in February 2027, according to the country’s energy ministry. This agreement follows an earlier deal announced by the consortium to explore natural gas in Block 2 in the Ionian Sea.
Stena Drilling plans to use an advanced, high-performance vessel that has the capacity to operate in ultradeep waters and has a drilling depth of up to 35,000 feet. This vessel will enable the exploration of oil and gas reserves that were previously considered difficult to access, according to an energy ministry official. Greece produces small amounts of oil and gas and mainly relies on energy imports for domestic consumption. The exploratory drilling campaign conducted by the consortium, involving the energy giant XOM, will bolster Greece’s energy supplies and help reduce its dependence on energy imports.
XOM’s Zacks Rank and Other Key Picks
XOM currently carries a Zacks Rank #2 (Buy).
Some other top-ranked stocks from the energy sector are Equinor ASA (EQNR - Free Report) , Archrock Inc. (AROC - Free Report) and Subsea7 S.A. (SUBCY - Free Report) . While Equinor sports a Zacks Rank #1 (Strong Buy), Archrock and Subsea7 carry a Zacks Rank #2 each. You can see the complete list of today’s Zacks #1 Rank stocks here.
Equinor ASA is one of the leading integrated energy companies globally and a major supplier of natural gas in Europe. The recent conflict between the United States and Iran has resulted in a spike in gas prices and disrupted LNG supply, following damage to critical infrastructure in Qatar, tightening global LNG supply. This is expected to boost demand for Equinor’s gas exports to Europe, positioning the company to benefit from heightened prices. The company’s expansion in the renewable energy space positions it for long-term growth as more countries transition toward cleaner energy solutions to meet their climate goals.
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. With natural gas playing an increasingly important role in the energy transition journey, AROC is expected to witness sustained demand for its services.
Subsea7 helps build underwater oil and gas fields. It is a leading player in the global offshore energy industry, providing engineering, construction and related services at offshore oil and gas fields. The long-term outlook for energy demand remains positive, and Subsea7’s focus on cost-efficient deepwater projects strengthens the position of its subsea business.