Eni SpA (E - Free Report) has inked a Memorandum of Understanding (MoU) with the National Oil and Gas Authority of the Kingdom of Bahrain (NOGA) relating to the performance of petroleum exploration activities in Block 1, offshore Bahrain.
The offshore area, which spreads across more than 2,800 square kilometers, remains largely unexplored. Located in the northern territorial waters of the Kingdom of Bahrain, Block 1 lies in water depth, ranging from 10 meters up to 70 meters.
The agreement allows Eni to expand its footprint in the country that was one of the first in the Gulf to produce oil and is expected to hold immense offshore potential. The deal is in sync with the strategy of diversifying its exploration portfolio across basins with liquid hydrocarbon potential while keeping high quality stakes throughout the exploration phase.
In another announcement, Eni stated that it has been awarded Areas A, B & C onshore Exploration Concession Agreements during the 2018 Exploration Bid Round.
In 2018, Sharjah National Oil Corporation (SNOC) initiated the first International Competitive Exploration Licensing Round to explore and develop new hydrocarbon resources by forming new partnerships.
The Concessions Area A and C spread across an area of 437 square kilometers and 1,184 square kilometers, respectively. Eni, the operator of these two concessions, holds a participating interest of 75%, while the other partner SNOC has a stake of 25%. Concession Area B spans more than an area of 264 square kilometers. SNOC, the operator of Concession Area B, holds 50% participating interest, while Eni has the remaining 50%.
In the past year, Eni has increased its presence in the Middle East significantly. The company began exploration activities in the Sultanate of Oman and inked agreements relating to major offshore Concession Agreements with Abu Dhabi National Oil Company (ADNOC). Eni is also present in other countries of the Middle East like Lebanon and Iraq.
Zacks Rank & Key Picks
Currently, Eni carries a Zacks Rank #3 (Hold).
A few better-ranked players in the energy space are NextEra Energy Partners L.P. (NEP - Free Report) , Shell Midstream Partners, L.P (SHLX - Free Report) and Unit Corporation (UNT - Free Report) , each sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Based in Juno Beach, Florida, NextEra Energy Partners was formed by NextEra Energy, Inc. in 2014, to acquire, manage and own contracted clean energy projects with stable long-term cash flows. The partnership delivered average positive earnings surprise of 99.1% in the last four quarters.
Headquartered in Houston, TX, Shell Midstream Partners owns, operates, develops and acquires pipelines, as well as other midstream assets. The company is expected to witness year-over-year earnings growth of 18.7% in 2018.
Unit Corp is a diversified energy company. The company generated average positive surprise of 21.2% in the trailing four quarters.
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>>