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BP p.l.c. (BP) - free report >>
APA Corporation (APA) - free report >>
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BP Commences Natural Gas Production in Oman's Khazzan Field
British oil giant BP Plc (BP - Free Report) announced the commencement of natural gas production at the Khazzan field in Oman. The company will be using fracking technology, which is rarely used in the Middle East.
In the field, BP holds a 60% stake, while the remaining is owned by Oman Oil Company Exploration & Production.
The Khazzan gas project, expected to have an inventory of 300 drilling wells, is the largest start-up for BP in 2017. Also, it is the sixth project start-up among the seven new key developments of the company this year. All the projects are likely to take the energy giant closer to its target of adding 800,000 barrels of oil equivalent every day by 2020.
BP has two planned phases for the Khazzan project. The company expects the field to generate 1.5 billion cubic feet of gas every day after the completion of the phases. Further, the company estimates recoverable reserves from the natural gas field of around 10.5 trillion cubic feet.
Headquartered in London, BP is one of the largest integrated energy firms in the world with a strong and diversified portfolio of development projects. The company’s upstream projects are expected to fetch significant cash flow in 2020 and beyond.
The near-term prospects for BP’s upstream businesses have been looking up as crude has recovered significantly from the historical lows of February 2016. Other oil and gas exploration and production players like Apache (APA - Free Report) , Abraxas Petroleum (AXAS - Free Report) and W&T Offshore, Inc. (WTI - Free Report) are also poised to benefit from the same.
Will You Make a Fortune on the Shift to Electric Cars?
Here's another stock idea to consider. Much like petroleum 150 years ago, lithium power may soon shake the world, creating millionaires and reshaping geo-politics. Soon electric vehicles (EVs) may be cheaper than gas guzzlers. Some are already reaching 265 miles on a single charge.
With battery prices plummeting and charging stations set to multiply, one company stands out as the #1 stock to buy according to Zacks research.
It's not the one you think.
See This Ticker Free >>