Yahoo Finance BP Commences Oil Production at Gulf of Mexico's Argos Platform
BP plc BP recently announced the beginning of its oil production at Argos, its fifth production platform operating in the Gulf of Mexico and first platform launch in the region since 2008. The move is expected to boost BP's position as a major producer in the deepwater U.S. Gulf of Mexico.
Argos has a gross production capacity of up to 140,000 barrels of oil per day. It is a crucial part of BP's Mad Dog Phase 2 project, which aims to extend the life of the 1998-discovered super-giant oil field. It is one of the nine high-margin projects that BP expects to launch globally by the end of 2025. BP has a 60.5% interest in the project.
The semi-submersible platform will boost BP's gross operating production capacity in the Gulf of Mexico by 20%. The company expects safe and systematic production from Argos through 2023. The platform located approximately 190 miles south of New Orleans and operating in 4,500 feet of water, is expected to provide 250 permanent employments.
According to David Lawler, chairman and president of BP America, Argos underlines the company's commitment to investing in the United States. It also plays a vital role in the company’s strategy to boost its Gulf of Mexico production to around 400,000 barrels of oil equivalent per day by the middle of this decade.
According to CEO Bernard Looney, Argos will strengthen BP’s position in the Gulf of Mexico for years to come. This is because it is the company's most digitally advanced platform operating in the region.
Zacks Rank & Key Picks
BP currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks for investors interested in the energy sector are CVR Energy CVI, Par Pacific Holdings Inc. PARR, each sporting a Zacks Rank #1 (Strong Buy) and Valero Energy Corporation VLO, carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
CVR Energy, a diversified holding company with its main office in Sugar Land, TX, is an independent refiner and marketer of high value transportation fuels. Over the past seven days, CVI has seen an upward revision in earnings estimates for 2023.
Par Pacific, a growth-oriented company, combines knowledge of corporate financing with experience in the oil and gas sector. With 94,000 barrels per day of active refining capacity and a logistical system that includes an SPM, storage, barges, pipelines and trucking operations, PARR owns and manages one of Hawaii's biggest energy networks. Over the past 30 days, the company has witnessed an upward revision in earnings estimates for 2023 and 2024.
Valero Energy is a global manufacturer and marketer of transportation fuels and petrochemical products. With 15 refineries spread across Canada, the United States and the United Kingdom, VLO has a daily refining capacity of 3.1 million barrels. Over the past seven days, the company has seen an upward revision in earnings estimates for 2023 and 2024.
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