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BP Commences Production At Gulf's Thunder Horse Oil Platform
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BP plc (BP - Free Report) commenced production at its Thunder Horse South Expansion phase 2 project in the deepwater Gulf of Mexico.
The Thunder Horse field is one of the largest discoveries of the company in the Gulf of Mexico. BP operates with a 75% working interest in the field, while Exxon Mobil Corporation (XOM - Free Report) owns the rest.
In January 2017, BP announced the commencement of the Thunder Horse South Expansion project to increase production at the Thunder Horse platform by an estimated 50,000 gross barrels of oil equivalent per day. The platform is placed in more than 6,000 feet of water in the Mississippi Canyon Block 822.
The Thunder Horse facility commenced production in June 2008, and can manage 250,000 gross barrels of oil and 200 million gross cubic feet per day of natural gas. The field's initial two wells will add an average gross production of 25,000 barrels of oil equivalent per day. The company expects to drill eight wells for the field’s complete development.
BP currently operates four production platforms, namely Thunder Horse, Atlantis, Mad Dog and Na Kika in the deepwater Gulf of Mexico. A fifth platform, Argos, is expected to become operational in 2022. Notably, the Thunder Horse South phase 2 expansion completes the program of five major project start-ups planned for 2021, indicating another milestone for BP.
The U.S. Gulf of Mexico is one of the key operating areas of BP and the latest expansion highlights the company’s continued growth and momentum in a region, which will remain a significant part of its global portfolio for years.
Company Profile & Price Performance
Headquartered in London, UK, BP is a fully integrated energy company, with a strong focus on renewable energy.
Shares of the company have outperformed the industry in the past three months. Its stock has gained 3.1% compared with the industry’s 2.6% growth.
Image: Bigstock
BP Commences Production At Gulf's Thunder Horse Oil Platform
BP plc (BP - Free Report) commenced production at its Thunder Horse South Expansion phase 2 project in the deepwater Gulf of Mexico.
The Thunder Horse field is one of the largest discoveries of the company in the Gulf of Mexico. BP operates with a 75% working interest in the field, while Exxon Mobil Corporation (XOM - Free Report) owns the rest.
In January 2017, BP announced the commencement of the Thunder Horse South Expansion project to increase production at the Thunder Horse platform by an estimated 50,000 gross barrels of oil equivalent per day. The platform is placed in more than 6,000 feet of water in the Mississippi Canyon Block 822.
The Thunder Horse facility commenced production in June 2008, and can manage 250,000 gross barrels of oil and 200 million gross cubic feet per day of natural gas. The field's initial two wells will add an average gross production of 25,000 barrels of oil equivalent per day. The company expects to drill eight wells for the field’s complete development.
BP currently operates four production platforms, namely Thunder Horse, Atlantis, Mad Dog and Na Kika in the deepwater Gulf of Mexico. A fifth platform, Argos, is expected to become operational in 2022. Notably, the Thunder Horse South phase 2 expansion completes the program of five major project start-ups planned for 2021, indicating another milestone for BP.
The U.S. Gulf of Mexico is one of the key operating areas of BP and the latest expansion highlights the company’s continued growth and momentum in a region, which will remain a significant part of its global portfolio for years.
Company Profile & Price Performance
Headquartered in London, UK, BP is a fully integrated energy company, with a strong focus on renewable energy.
Shares of the company have outperformed the industry in the past three months. Its stock has gained 3.1% compared with the industry’s 2.6% growth.
Zacks Rank & Stocks to Consider
BP currently carries a Zack Rank #3 (Hold).
Some better-ranked players in the energy space are Range Resources Corporation (RRC - Free Report) and Goodrich Petroleum Corporation , each currently sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Range Resources’ earnings for 2021 are expected to increase 45.5% year over year.
Goodrich’s earnings for 2021 are expected to rise 25.3% year over year.