BP plc (BP - Free Report) recently announced final investment decision (FID) for developing the Greater Tortue Ahmeyim project, located offshore Mauritania and Senegal.
At roughly 2 kilometres below the surface of the sea, the project is touted to be the deepest offshore liquefied natural gas (LNG) development in Africa. Importantly, the investment plans for the phase 1 development of the LNG project reflects BP’s focus to capitalize on the rising gas demand for clean energy.
The British energy giant will employ a plant, in an advanced floating vessel, that will cool down the produced natural gas to liquid. From the Tortue field, with estimated 15 trillion cubic feet of recoverable natural gas resources, the integrated energy company is expecting its floating liquefied natural gas (FLNG) facility to generate 2.5 million tonnes of LNG annually.
BP and its partners have been anticipating the start of work on the cross-border project since the first quarter of 2019, while the companies project the development to produce first gas in 2022. In the LNG development, BP has operatorship interest with 62% stake in Mauritania and 60% in Senegal. The remaining 28% and 30% respective stakes in Mauritania and Senegal will be in the ownership of other partners that include Kosmos Energy Ltd. (KOS - Free Report) .
Headquartered in London, BP currently carries a Zacks Rank #3 (Hold). Meanwhile, better-ranked players in the energy space are Enterprise Products Partners L.P. (EPD - Free Report) and Unit Corporation (UNT - Free Report) . While Enterprise Products carries a Zacks Rank #2 (Buy), Unit Corp sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Enterprise Products will likely post earnings growth of 36.4% and 6.5% through 2018 and 2019, respectively.
Unit Corp surpassed the Zacks Consensus Estimate in three of the last four quarters, the average positive earnings surprise being 21.3%.
Today's Stocks from Zacks' Hottest Strategies
It's hard to believe, even for us at Zacks. But while the market gained +21.9% in 2017, our top stock-picking screens have returned +115.0%, +109.3%, +104.9%, +98.6%, and +67.1%.
And this outperformance has not just been a recent phenomenon. Over the years it has been remarkably consistent. From 2000 - 2017, the composite yearly average gain for these strategies has beaten the market more than 19X over. Maybe even more remarkable is the fact that we're willing to share their latest stocks with you without cost or obligation.
See Them Free>>