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BP Gears Up to Produce Natural Gas From Oman's Ghazeer Field

Zacks Equity Research
·2 mins read

BP plc BP has announced that its natural gas project at Oman’s Ghazeer field will be onstream by the end of 2020. The British energy giant added that 99% of the field’s installation work has been completed and the project’s production capacity is estimated at 500 million cubic feet by the time it comes online.

The integrated firm revealed that out of its total planned investment of $16 billion for Oman’s Block 61 – with both Ghazeer and Khazzan fields – it has invested $9.3 billion so far. BP added that from the prolific Khazzan project, it is producing at a rate of 1 billion cubic feet per day with daily volumes estimated to surge to 1.5 billion cubic feet.

BP also said that out of a total of 300 wells, drilling activities have been completed for 126 wells at Khazzan and Ghazeer fields. Importantly, from both the fields in Block 61, the integrated player is planning to produce 10.5 trillion cubic feet of natural gas.

Importantly, with mounting demand for clean energy across the world, the developments have placed BP in a strong footing. The company has also decided to significantly reduce emissions of greenhouse gases from its operations and has set a target of becoming a net zero emission player by the end of 2050.

BP p.l.c. Price

 

BP p.l.c. Price
BP p.l.c. Price

BP p.l.c. price | BP p.l.c. Quote

Currently, BP carries a Zacks Rank #3 (Hold). Meanwhile, a few better-ranked players in the energy sector are Murphy USA Inc MUSA, QEP Resources, Inc. QEP and CNX Resources Corporation CNX. All the stocks carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Murphy USA is likely to see earnings growth of 7% in the next five years.

QEP Resources has witnessed upward earnings estimate revisions for 2020 in the past 30 days.

CNX Resources has witnessed upward estimate revisions for 2020 bottom line in the past 60 days.

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