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BP to Develop Alligin and Vorlich Fields in the North Sea
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BP plc (BP - Free Report) announced the development of two new North Sea developments — Alligin and Vorlich — scheduled to be commissioned in 2020.
During peak production, the fields are expected to yield 30,000 barrels gross of oil equivalent a day. Alligin and Vorlich are satellite fields located close to existing infrastructure, which will accelerate the pace of development of these fields with the help of established offshore hubs.
Alligin, a two-well development located west of Shetland, is planned to be tied back to BP’s Glen Lyon floating, production, storage and offloading (FPSO) vessel.
Vorlich is another two-well development in the central North Sea that will be tied back to the Ithaca Energy-operated FPF-1 floating production facility, which lies at the centre of Ithaca’s Greater Stella Area production hub.
A major contract relating to the Alligin development has been awarded to Subsea 7. The scope of the contract includes project management, engineering, procurement and construction services for the subsea pipelines. Subsea 7 will carry out contract related work from its Aberdeen base. Offshore activities are projected to commence in 2019.
Environmental Statement for the Vorlich development has been submitted to the Department for Business, Energy and Industrial Strategy (BEIS). BP is currently deciding on its contracting strategy for the development.
BP, as the operator of Alligin, has a stake of 50%. The remaining 50% is held by Royal Dutch Shell plc . The field is estimated to hold recoverable oil of 20 million barrels. It is located about 140 kilometers west of Shetland in the Greater Schiehallion Area.
BP, as the operator of Vorlich, has an interest of 66%. The rest of 34% is held by Ithaca Energy. The field is estimated to hold 30 million barrels of oil equivalent. It is located about 241 kilometers east of Aberdeen.
BP is working on simplifying and speeding up the delivery process to improve project cycle time, lower costs and, in particular, include new yield to its North Sea portfolio. The company has been making huge investments in North Sea which has helped in delivering the Quad 204 project in 2017, while the Clair Ridge project is expected to commence operations later in 2018.
Price Performance
BP’s shares have lost 1.1% in the last three months, compared with the industry’s 6.6% decline.
Northern Oil and Gas, based in Minnetonka, MN, is an independent energy company. The company delivered an average positive earnings surprise of 175% during the same time frame.
SunCoke Energy produces metallurgical coke in the United States. The company delivered an average positive earnings surprise of 130.6% in the last four quarters.
5 Medical Stocks to Buy Now
Zacks names 5 companies poised to ride a medical breakthrough that is targeting cures for leukemia, AIDS, muscular dystrophy, hemophilia, and other conditions.
New products in this field are already generating substantial revenue and even more wondrous treatments are in the pipeline. Early investors could realize exceptional profits.
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BP to Develop Alligin and Vorlich Fields in the North Sea
BP plc (BP - Free Report) announced the development of two new North Sea developments — Alligin and Vorlich — scheduled to be commissioned in 2020.
During peak production, the fields are expected to yield 30,000 barrels gross of oil equivalent a day. Alligin and Vorlich are satellite fields located close to existing infrastructure, which will accelerate the pace of development of these fields with the help of established offshore hubs.
Alligin, a two-well development located west of Shetland, is planned to be tied back to BP’s Glen Lyon floating, production, storage and offloading (FPSO) vessel.
Vorlich is another two-well development in the central North Sea that will be tied back to the Ithaca Energy-operated FPF-1 floating production facility, which lies at the centre of Ithaca’s Greater Stella Area production hub.
A major contract relating to the Alligin development has been awarded to Subsea 7. The scope of the contract includes project management, engineering, procurement and construction services for the subsea pipelines. Subsea 7 will carry out contract related work from its Aberdeen base. Offshore activities are projected to commence in 2019.
Environmental Statement for the Vorlich development has been submitted to the Department for Business, Energy and Industrial Strategy (BEIS). BP is currently deciding on its contracting strategy for the development.
BP, as the operator of Alligin, has a stake of 50%. The remaining 50% is held by Royal Dutch Shell plc . The field is estimated to hold recoverable oil of 20 million barrels. It is located about 140 kilometers west of Shetland in the Greater Schiehallion Area.
BP, as the operator of Vorlich, has an interest of 66%. The rest of 34% is held by Ithaca Energy. The field is estimated to hold 30 million barrels of oil equivalent. It is located about 241 kilometers east of Aberdeen.
BP is working on simplifying and speeding up the delivery process to improve project cycle time, lower costs and, in particular, include new yield to its North Sea portfolio. The company has been making huge investments in North Sea which has helped in delivering the Quad 204 project in 2017, while the Clair Ridge project is expected to commence operations later in 2018.
Price Performance
BP’s shares have lost 1.1% in the last three months, compared with the industry’s 6.6% decline.
Zacks Rank & Key Picks
BP carries a Zacks Rank #3 (Hold).
A few better-ranked players in the same sector are Northern Oil and Gas Inc (NOG - Free Report) and SunCoke Energy Inc (SXC - Free Report) . Both the stocks sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Northern Oil and Gas, based in Minnetonka, MN, is an independent energy company. The company delivered an average positive earnings surprise of 175% during the same time frame.
SunCoke Energy produces metallurgical coke in the United States. The company delivered an average positive earnings surprise of 130.6% in the last four quarters.
5 Medical Stocks to Buy Now
Zacks names 5 companies poised to ride a medical breakthrough that is targeting cures for leukemia, AIDS, muscular dystrophy, hemophilia, and other conditions.
New products in this field are already generating substantial revenue and even more wondrous treatments are in the pipeline. Early investors could realize exceptional profits.
Click here to see the 5 stocks >>