Yahoo Finance BP Resumes Caspian Sea Oil Production Ahead of Schedule
BP plc BP, the UK-headquartered energy giant, has successfully resumed oil production at one of its offshore platforms in the Caspian Sea off Azerbaijan's coast, completing planned maintenance works earlier than anticipated.
The temporary suspension of production at Deepwater Gunashli, one of the seven Azeri-Chirag-Gunashli (ACG) platforms, commenced on Apr 25 for scheduled maintenance, inspection, and project work. However, BP's efficient execution enabled them to conclude the planned maintenance activities ahead of schedule.
The production and export systems of the platform were restarted on May 7, as the works were completed in less than the initially projected 15 days. Currently, production is being ramped up to pre-maintenance levels.
BP outlined that the maintenance program included inspections, valve replacements, nucleonic source replacements, and necessary repair works, emphasizing their role in ensuring long-term reliability, integrity, and production performance across all operated facilities in the region.
Located at a water depth of 175 meters, the Deepwater Gunashli complex is integral to the third phase of development of the ACG field in the Caspian Sea's Azerbaijan sector. Operational since April 2008, the complex consists of two bridge-linked platforms, a drilling, utilities, and quarters platform, and a process, gas compression, water injection, and utilities platform.
In addition to the successful maintenance, BP recently commenced oil production from a new 48-slot production, drilling, and quarters platform in the Caspian Sea, further bolstering its presence in the region.
Zacks Rank & Key Picks
BP currently carries a Zack Rank #3 (Hold).
Investors interested in the energy sector may look at some better-ranked stocks like SM Energy Company SM, Hess Corporation HES and Matador Resources Company MTDR. While SM Energy sports a Zacks Rank #1 (Strong Buy), Hess and Matador Resources carry a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
SM Energy is set to expand its oil-centered operations in the coming years with an increasing focus on crude oil, especially in the Permian Basin and Eagle Ford regions. The company’s attractive oil and gas investments can create long-term value for shareholders.
The Zacks Consensus Estimate for SM’s 2024 earnings per share (EPS) is pegged at $6.53. The company has a Zacks Style Score of B for Value. It has witnessed upward earnings estimate revisions for 2024 and 2025 in the past seven days.
Hess operates primarily in two areas — the Bakken shale and the Stabroek project offshore Guyana. It is currently in the process of being acquired by supermajor Chevron in an all-stock deal worth $53 billion. HES currently has a Growth Score of B.
The Zacks Consensus Estimate for 2024 and 2025 EPS is pegged at $9.17 and $11.15, respectively. The company has witnessed upward earnings estimate revisions for 2025 in the past seven days.
Matador Resources’ upstream operations are primarily concentrated in the Delaware Basin, which is among the United States' most prolific oil and gas regions. The company has demonstrated a consistent upward trend in total production since 2019.
The Zacks Consensus Estimate for MTDR’s 2024 EPS is pegged at $7.67. The company has a Zacks Style Score of A for Value. It has witnessed upward earnings estimate revisions for 2024 and 2025 in the past seven days.
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BP p.l.c. (BP) : Free Stock Analysis Report
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