Eni S.p.A.E and Sharjah National Oil Corporation (“SNOC”) have made a successful discovery of an inland gas field in the Emirate of Sharjah. The new natural gas and condensate field called Mahani, located in the Area B Concession, marks the first onshore discovery of gas in the Emirate in more than three decades. It is also the first exploration well drilled by SNOC, since Sharjah's most reliable energy provider acquired a new 3D seismic survey covering the territory.
Mahani-1 exploration well was drilled to a total measured depth of 14,597 feet that led to the discovery of gas with the associated capacitors within the Thamama, the primary target for the well. The size of the discovery will be further evaluated with additional appraisal drilling in due course.
With flow rates of up to 50 million standard cubic feet per day, the discovery comes within the first year of partnership between Eni and SNOC — the operator of Area B. Both are equal partners in the Concession Area B and the discovery is a part of a concession agreement signed between the two at the beginning of 2019. The parties are also partners in the onshore Sharjah Concession Areas A and C.
Eni has maintained its discovery streak in the past few months. With the recent addition of onshore of Sharjah, Eni’s total exploration acreage in the UAE stands at over 12,000 square kilometers gross, including offshore areas of Abu Dhabi and Ras Al Khaimah. In October, it discovered new resources in the Abu Rudeis Sidri development lease, in the Gulf of Suez. In August 2019, it reported a big gas and condensate discovery, through its affiliate NAOC, in deep Nigerian sequences of the Obiafu-Obrikom fields.
The discovery is also poised to strengthen Emirate’s resources and help in providing reliable as well as sustained gas supplies throughout the United Arab Emirates. Owing to the latest finding, Sharjah's strategic energy infrastructurewill be able to attract more investments from top global companies and institutions.
Eni, based in Rome, Italy, is among the leading integrated energy players in the world. The company operates primarily through three business segments — Exploration & Production, Gas & Power as well as Refining & Marketing and Chemicals. The company currently carries a Zacks Rank #5 (Strong Sell). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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Murphy Oil Corporation MUR has trailing four-quarter positive earnings surprise of 37.4%, on average. The company carries a Zacks Rank #2 (Buy).
California Resources Corporation CRC has trailing four-quarter positive earnings surprise of 711.1%, on average. The company’s earnings beat the Zacks Consensus Estimate in three of the last four quarters. The stock holds a Zacks Rank #2.
CNX Midstream Partners LP has trailing four-quarter positive earnings surprise of 13.3%, on average. Its earnings beat the consensus mark in three of the last four quarters. The partnership has a Zacks Rank #3 (Hold).
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