BP Brings Angelin Online, To Deliver 2 More Upstream Projects
Zacks Investment Research | Feb 28, 2019 07:42AM ET
BP plc (LON:BP). (NYSE:BP) recently announced that the company has commenced production from the Angelin development, located 60 kilometres off the south-east coast of Trinidad and Tobago. The commencement of natural gas production from the development was on schedule and within budget. The Angelin development was originally discovered in 1995 through the El Diablo well and sanctioned in mid-2017.
The site is located at a water depth of around 65 meters. The present production structure includes the new Angelin platform and four wells. Peak production from the site is expected at 50,000 barrels of oil equivalent per day. Notably, the Angelin platform marks the company’s 15th installation offshore Trinidad and Tobago. The platform was created in Altamira, Mexico and reached the production site in August 2018. It has a 600-million standard cubic feet per day of production capacity. Natural gas from the production site is transported to the Serrette hub through a 21-kilometer pipeline.
The beginning of natural gas production from the site is well within two years following the sanction, which marks the company’s project execution prowess. Also, it is the company’s third major upstream project start-up this year. BP kick started two natural gas projects in the country in 2017, namely Juniper and Trinidad Onshore Compression. It has plans to develop two new projects, Cassia Compression and Matapal, which are anticipated to come online in 2021 and 2022, respectively.
The company’s plans to add two more key upstream projects through 2019 — Culzean development in U.K. North Sea and the third phase of West Nile Delta project — are on track. All these upstream projects that are either placed on production or yet to start producing will likely help BP boost output by 900 thousand barrel of oil equivalent per day within 2021.
Notably, the London-based integrated energy company has a strong portfolio of upstream projects that has been backing its impressive production growth. Since 2016, BP has placed more than 20 key upstream projects online. All the key projects delivered by BP over the years have backed the company to achieve record production levels.
Zacks Rank and Stocks to Consider
Currently, BP carries a Zacks Rank #3 (Hold). Investors interested in the energy sector can opt for some better-ranked stocks as given below:
Austin, TX-based Jones Energy, Inc. (OTC:JONE) is an exploration and production company. For 2019, its bottom line, which has witnessed one upside revision over the past 60 days, is expected to grow 19% year over year. The company currently holds a Zacks Rank #2 (Buy). You can see Zacks Investment Research
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.