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Shell (SHEL) Receives Regulatory Nod to Develop Jackdaw Field
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The energy supermajor, Shell Plc (SHEL - Free Report) , recently got the necessary regulatory approvals to go ahead with its revised plan to develop the Jackdaw gas-condensate field in the U.K. Central North Sea.
Both watchdogs — the North Sea Transition Authority (“NSTA”) and the Offshore Petroleum Regulator for Environment & Decommissioning — gave a go-ahead to Shell. This announcement came after NSTA disallowed the company’s initial plan last year and asked for a tieback of Jackdaw to its offshore Shearwater processing center.
Shell can invest about $500 million in the project, with the output anticipated to start in the second half of 2025. The Jackdaw field, at its peak, has the capacity to produce approximately 6.5% of Britain's total gas output.
The regulatory approval for Jackdaw comes at a time when the U.K. government is pushing to augment domestic energy production as it pursues to find substitutes for Russian imports following Moscow’s military actions in Ukraine. Currently, the production at the North Sea caters to less than 40% of the United Kingdom’s gas demands, with the rest procured from imports.
However, some environmental activists have expressed their displeasure with this decision.
Discovered in 2005, the Jackdaw field stretches across three blocks in a water depth of about 78 meters. The field is situated 30 kilometers southeast of the Shearwater platform and beside the U.K./Norway median.
Headquartered in London, Shell is one of the primary oil supermajors, a group of U.S. and Europe-based big energy multinationals with operations spanning worldwide. The company is fully integrated as it participates in every aspect related to energy, from oil production to refining and marketing. SHEL operates as an energy and petrochemical company. Shell plc was formerly known as Royal Dutch Shell.
Shell currently carries a Zacks Rank #3 (Hold). Investors interested in the energy space might look at the following companies. Oasis Petroleum , Ranger Oil and Murphy USA (MUSA - Free Report) each sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Oasis Petroleum’s stock has rallied 113.1% in a year. Oasis Petroleum beat the Zacks Consensus Estimate for earnings in three of the trailing four quarters, the average being around 19.6%.
The Zacks Consensus Estimate for OAS’ 2022 earnings is projected at $36.11 per share, up about 279.3% from the projected year-ago earnings of $9.52.
Ranger Oil beat the Zacks Consensus Estimate for earnings in all the trailing four quarters, the average being around 56.4%. Ranger Oil’s stock has increased 110.7% in a year.
The Zacks Consensus Estimate for ROCC’s 2022 earnings is projected at $14.14 per share, which is an increase of 158% from the projected year-ago earnings of $5.48.
Murphy USA is valued at around $5.9 billion. The Zacks Consensus Estimate for Murphy USA’s 2022 earnings per share has been revised upward by about 47.3% over the past 60 days from $11.42 to $16.82.
Murphy USA beat the Zacks Consensus Estimate for earnings in all the trailing four quarters, the average being 49.1%. MUSA stock has increased 79.6% in a year.
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Shell (SHEL) Receives Regulatory Nod to Develop Jackdaw Field
The energy supermajor, Shell Plc (SHEL - Free Report) , recently got the necessary regulatory approvals to go ahead with its revised plan to develop the Jackdaw gas-condensate field in the U.K. Central North Sea.
Both watchdogs — the North Sea Transition Authority (“NSTA”) and the Offshore Petroleum Regulator for Environment & Decommissioning — gave a go-ahead to Shell. This announcement came after NSTA disallowed the company’s initial plan last year and asked for a tieback of Jackdaw to its offshore Shearwater processing center.
Shell can invest about $500 million in the project, with the output anticipated to start in the second half of 2025. The Jackdaw field, at its peak, has the capacity to produce approximately 6.5% of Britain's total gas output.
The regulatory approval for Jackdaw comes at a time when the U.K. government is pushing to augment domestic energy production as it pursues to find substitutes for Russian imports following Moscow’s military actions in Ukraine. Currently, the production at the North Sea caters to less than 40% of the United Kingdom’s gas demands, with the rest procured from imports.
However, some environmental activists have expressed their displeasure with this decision.
Discovered in 2005, the Jackdaw field stretches across three blocks in a water depth of about 78 meters. The field is situated 30 kilometers southeast of the Shearwater platform and beside the U.K./Norway median.
Headquartered in London, Shell is one of the primary oil supermajors, a group of U.S. and Europe-based big energy multinationals with operations spanning worldwide. The company is fully integrated as it participates in every aspect related to energy, from oil production to refining and marketing. SHEL operates as an energy and petrochemical company. Shell plc was formerly known as Royal Dutch Shell.
Shell currently carries a Zacks Rank #3 (Hold). Investors interested in the energy space might look at the following companies. Oasis Petroleum , Ranger Oil and Murphy USA (MUSA - Free Report) each sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Oasis Petroleum’s stock has rallied 113.1% in a year. Oasis Petroleum beat the Zacks Consensus Estimate for earnings in three of the trailing four quarters, the average being around 19.6%.
The Zacks Consensus Estimate for OAS’ 2022 earnings is projected at $36.11 per share, up about 279.3% from the projected year-ago earnings of $9.52.
Ranger Oil beat the Zacks Consensus Estimate for earnings in all the trailing four quarters, the average being around 56.4%. Ranger Oil’s stock has increased 110.7% in a year.
The Zacks Consensus Estimate for ROCC’s 2022 earnings is projected at $14.14 per share, which is an increase of 158% from the projected year-ago earnings of $5.48.
Murphy USA is valued at around $5.9 billion. The Zacks Consensus Estimate for Murphy USA’s 2022 earnings per share has been revised upward by about 47.3% over the past 60 days from $11.42 to $16.82.
Murphy USA beat the Zacks Consensus Estimate for earnings in all the trailing four quarters, the average being 49.1%. MUSA stock has increased 79.6% in a year.