Eni's (E) Hewett Project in U.K. Secures CO2 Storage License
Eni SpA E, a global energy company, announced that its subsidiary in the United Kingdom, Eni UK, has been awarded a Carbon Dioxide Appraisal and Storage License by the North Sea Transition Authority for the depleted Hewett gas field.
The gas field, located 20 km offshore Bacton in the Southern North Sea sector of the United Kingdom, boasts an impressive total storage capacity of approximately 300 million tons of carbon dioxide. This strategic location allows for the effective sequestration of carbon emissions from industries in the south-east of England and the Thames estuary area, including London.
As Eni moves forward with this initiative, it is set to generate substantial economic and social benefits for local communities in terms of creating new job opportunities and investment in the area. As of now, the Bacton Thames Net Zero initiative has already attracted the support of 13 industrial partners across various sectors including energy, waste disposal and manufacturing.
The initial carbon storage capacity is estimated at around 6 million tons per year, with operations set to commence by the end of the current decade. Over time, this capacity is projected to expand, ultimately reaching more than 10 million tons annually after 2030. These figures represent a substantial contribution toward the United Kingdom's target goal of storing 20-30 million tons of carbon dioxide each year.
This new license in the Bacton Area builds upon Eni's earlier achievement in the Liverpool Bay Area in 2020, where it serves as the carbon dioxide transport and storage operator for the HyNet North West Project. Coupled with initiatives like the Dogger Bank offshore wind farm, Eni's commitment to the decarbonization process of the United Kingdom is further solidified.
Zacks Rank & Key Picks
Eni currently carries a Zack Rank #3 (Hold).
Some better-ranked players in the energy sector are USA Compression Partners, LP USAC, currently sporting a Zacks Rank #1 (Strong Buy), and Global Partners GLP and Core Laboratories Inc CLB, both carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
USA Compression Partners is one of the largest independent natural gas compression service providers across the United States in terms of fleet horsepower. USAC has witnessed an upward earnings estimate revision for 2024 in the past 30 days.
Global Partners is a Delaware limited partnership, formed by affiliates of the Slifka family. The partnership owns, controls or has access to one of the largest terminal networks of refined petroleum products in New England. GLP is one of the largest wholesale distributors of distillates. It has witnessed an upward earnings estimate revision for 2023 and 2024 in the past 60 days.
Core Laboratories’ strong presence in the emerging shale plays and its global footprint will provide for steady growth rates going forward. CLB’s technology-heavy portfolio of proprietary products and services gives it the opportunity to optimize production from new and existing fields. Core Labs has witnessed an upward earnings estimate revision for 2024 in the past 60 days.
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