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Will CNOOC Generate First Oil From Kingfisher Field in 2021?
CNOOC Limited (CEO - Free Report) expects to produce first oil from the Kingfisher field in Uganda in 2021, per Bloomberg. The field is being developed by the Chinese explorer along with TOTAL S.A. and Tullow Oil plc (TUWOY - Free Report) .
In the oil-rich Lake Albert basin, also known as Albertine Graben, Kingfisher is among the few prospective fields. The source added that Albertine Graben is expected to have 6.5 billion barrels of oil.
From the Kingfisher field, CNOOC intends to pump out roughly 40,000 barrels of crude on a daily basis. The extracted oil will probably be sent to a refinery that will have the capacity to process 60,000 barrels of crude every day. Kingfisher crude will also be transported through an export pipeline headed toward the port of Tanzania.
Based in Central, Hong Kong, CNOOC is a leading oil and natural gas explorer in the world. In China, CNOOC is the largest producer of commodities in the offshore resources. The company has diversified resource bases spread over the Western South China Sea, Bohai and the Eastern South China Sea.
The company has adopted solid cost-control initiatives and has been focusing to return cash to stockholders. CNOOC announced dividend yield for 2017 of 4.4%, which is considered impressive in the upstream energy businesses. Also, over the past year, the stock, belonging to the Zacks Emerging Integrated industry, has rallied 49.4%.
Presently, CNOOC sports a Zacks Rank #1 (Strong Buy). An equally-ranked stock in the energy space that warrants a look is BP plc (BP - Free Report) . You can see the complete list of today’s Zacks #1 Rank stocks here.
BP managed to beat the Zacks Consensus Estimate in three of the last four quarters.
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