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Eni (E) & PTTEP Consortium Wins Exploration Deal From ADNOC
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A consortium led by a subsidiary of Italian energy major Eni S.p.A. (E - Free Report) and Thailand’s PTT Exploration and Production Public Company (“PTTEP”) has recently won the exploration rights of Abu Dhabi’s Offshore Block 3. The biggest energy company of United Arab Emirates, Abu Dhabi National Oil Company or ADNOC has awarded the exploration concession.
The consortium is expected to invest up to AED 1.51 billion (around $412 million) in the block, which is located northwest of the Abu Dhabi city and spans an 11,660 square kilometer area. The exploration rights allow the Eni and PTTEP consortium to look for hydrocarbons in Offshore Block 3, wherein the companies will collectively hold 100% interest. The exploration phase will likely be operated by Eni.
Offshore Block 3’s proximity to the existing onshore hydrocarbon fields, together with 3D seismic data for a part of the block indicates promising potential of the concession region. In the event of a successful commercial discovery, Eni and its consortium partner will have the right to development and production. Notably, ADNOC has the option to hold a 60% interest in the production concession. Abu Dhabi’s Supreme Petroleum Council has approved the awarding.
The production phase of the concession will span for 35 years from the start of exploration. The deal boosts Eni’s footprint in the hydrocarbon-rich United Arab Emirates and strengthens its bond with ADNOC. In 2019, at Abu Dhabi’s first competitive bid round, the consortium was awarded two offshore blocks.
By 2030, ADNOC has plans to increase production capacity by 25% to 5 million barrels of oil per day. Earlier this month, it awarded an offshore block to Occidental Petroleum Corporation (OXY - Free Report) .
Price Performance
Eni’s shares have decreased 35% in the past year compared with 34.9% decline of the industry it belongs to.
Covanta Holding’s bottom line for 2021 is expected to rise 93% year over year.
Canadian Natural Resources’ sales for 2021 are expected to rise 18% year over year.
Biggest Tech Breakthrough in a Generation
Be among the early investors in the new type of device that experts say could impact society as much as the discovery of electricity. Current technology will soon be outdated and replaced by these new devices. In the process, it’s expected to create 22 million jobs and generate $12.3 trillion in activity.
A select few stocks could skyrocket the most as rollout accelerates for this new tech. Early investors could see gains similar to buying Microsoft in the 1990s. Zacks’ just-released special report reveals 8 stocks to watch. The report is only available for a limited time.
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Eni (E) & PTTEP Consortium Wins Exploration Deal From ADNOC
A consortium led by a subsidiary of Italian energy major Eni S.p.A. (E - Free Report) and Thailand’s PTT Exploration and Production Public Company (“PTTEP”) has recently won the exploration rights of Abu Dhabi’s Offshore Block 3. The biggest energy company of United Arab Emirates, Abu Dhabi National Oil Company or ADNOC has awarded the exploration concession.
The consortium is expected to invest up to AED 1.51 billion (around $412 million) in the block, which is located northwest of the Abu Dhabi city and spans an 11,660 square kilometer area. The exploration rights allow the Eni and PTTEP consortium to look for hydrocarbons in Offshore Block 3, wherein the companies will collectively hold 100% interest. The exploration phase will likely be operated by Eni.
Offshore Block 3’s proximity to the existing onshore hydrocarbon fields, together with 3D seismic data for a part of the block indicates promising potential of the concession region. In the event of a successful commercial discovery, Eni and its consortium partner will have the right to development and production. Notably, ADNOC has the option to hold a 60% interest in the production concession. Abu Dhabi’s Supreme Petroleum Council has approved the awarding.
The production phase of the concession will span for 35 years from the start of exploration. The deal boosts Eni’s footprint in the hydrocarbon-rich United Arab Emirates and strengthens its bond with ADNOC. In 2019, at Abu Dhabi’s first competitive bid round, the consortium was awarded two offshore blocks.
By 2030, ADNOC has plans to increase production capacity by 25% to 5 million barrels of oil per day. Earlier this month, it awarded an offshore block to Occidental Petroleum Corporation (OXY - Free Report) .
Price Performance
Eni’s shares have decreased 35% in the past year compared with 34.9% decline of the industry it belongs to.
Zacks Rank & Key Picks
The company currently has a Zacks Rank #4 (Sell). Some better-ranked players in the energy space include Covanta Holding Corporation and Canadian Natural Resources Limited (CNQ - Free Report) , each holding a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Covanta Holding’s bottom line for 2021 is expected to rise 93% year over year.
Canadian Natural Resources’ sales for 2021 are expected to rise 18% year over year.
Biggest Tech Breakthrough in a Generation
Be among the early investors in the new type of device that experts say could impact society as much as the discovery of electricity. Current technology will soon be outdated and replaced by these new devices. In the process, it’s expected to create 22 million jobs and generate $12.3 trillion in activity.
A select few stocks could skyrocket the most as rollout accelerates for this new tech. Early investors could see gains similar to buying Microsoft in the 1990s. Zacks’ just-released special report reveals 8 stocks to watch. The report is only available for a limited time.
See 8 breakthrough stocks now>>