Eni SpA (E - Free Report) and Algerian state company Sonatrach have installed a 10-megawatt (MW) solar plant in Bir Rebaa North (BRN) in Algeria.
Jointly managed by Eni and Sonatrach through the Groupement Sonatrach-Agip (GSA), the plant will supply green energy to the oil field. This will enable decarbonisation of the Algerian energy system.
To further boost their partnership in the renewable energy sector, Eni and Sonatrach have inked an agreement to construct an advanced research and development laboratory at the BRN site. The facility will assess solar and hybrid technologies in a desert environment.
To enhance their scope of co-operation, the companies inked an agreement to create a new joint venture, which will be devoted to Algeria’s renewable energy sector. The partnership intends to install and operate solar power production units at the companies’ production sites as well as in other locations in Algeria.
The BRN photovoltaic plant reflects that renewable projects can competently support upstream oil and gas operations as well as contribute to the reduction of GHG emissions. Eni’s initiatives are in sync with its strategy, which aims at the energy transition process to lower carbon emissions. Therefore, the company plans to change the energy mix of activities in all the regions it operates in by substituting fossil fuel power with renewables as well as supplying green energy to the domestic systems.
Eni carries out research solar projects with international centres of excellence as well as invests in systems to increase efficiency and flexibility to multiply the possible applications.
Eni’s presence in Algeria dates back to 1981.Currently, it operates 32 mining permits in the country, with an equity production of 90,000 barrels of oil equivalent per day. This makes the company one of the country’s main international player.
Zacks Rank & Other Stocks to Consider
Currently, Eni sports a Zacks Rank #1 (Strong Buy).
A few other top-ranked players in the same sector are SunCoke Energy, Inc (SXC - Free Report) , Enterprise Products Partners L.P. (EPD - Free Report) and Energen Corporation , each sporting a Zacks Rank #1. You can see the complete list of today’s Zacks #1 Rank stocks here.
SunCoke acquires, owns and operates the coke making and coal mining operations. The company delivered an average positive earnings surprise of 302.6% in the last four quarters.
Headquartered in Houston, TX, Enterprise Products Partners is among the leading midstream energy players in North America. It pulled off an average positive earnings surprise of 9.3% in the last four quarters.
Headquartered in Birmingham, AL, Energen is a leading oil and natural gas exploration and production company. It pulled off an average positive earnings surprise of 18.6% in the last four quarters.
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