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Eni (E) to Acquire Chevron's Stake in Indonesia Project
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Eni SPA (E - Free Report) is set to enter an agreement to acquire Chevron Corporation’s (CVX - Free Report) stake in the Indonesia Deepwater Development project, per a Reuters report.
Eni will become the new operator of the Indonesia Deepwater Development project, replacing the position previously held by Chevron.
After years of delay, the Indonesia government had set a deadline to resolve the matter of the operatorship of the Indonesia Deepwater Development gas project by July.
Situated in the Makassar Strait, the development project involves the Bangka and the Gendalo-Gehem gas fields. Chevron has 62% and 63% interests in the Bangka and Gendalo-Gehem projects, respectively.
After completing the management transfer procedure, Eni will submit a plan of development for the project by the end of 2023. The project is expected to start running early next year.
The project’s development plan will be adjusted to incorporate the development of a few existing Eni-operated blocks with the project. Eni is already a partner in the project, along with Indonesia energy firm Pertamina.
Chevron’s decision to exit the project was a major setback for Indonesia’s oil and gas industry. The ownership transfer is important for Indonesia as it plans to increase gas production by resuming development at long-delayed gas projects, including the Indonesia Deepwater Development project.
Based in Rome, Italy, Eni is among the leading integrated energy players in the world. Eni’s constant efforts to expand the upstream business will go a long way in generating growth.
One of the leading suppliers of integrated technology solutions, Oceaneering boasts an impressive portfolio of diversified products and services. OII has a Zacks Style Score of B for Growth.
Oceaneering has witnessed upward earnings estimate revisions for 2023 and 2024 in the past 60 days. The consensus estimate for OII’s 2023 and 2024 earnings per share is pegged at $1.12 and $1.29, respectively.
Global Partners is a leading operator of gasoline stations and convenience stores. Over the past 60 days, GLP has witnessed upward earnings estimate revisions for 2023 and 2024, respectively.
The Zacks Consensus Estimate for Global Partners’ 2023 and 2024 earnings per share is pegged at $3.41 and $3.61, respectively. GLP currently has a Zacks Style Score of A for Value and Momentum.
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Eni (E) to Acquire Chevron's Stake in Indonesia Project
Eni SPA (E - Free Report) is set to enter an agreement to acquire Chevron Corporation’s (CVX - Free Report) stake in the Indonesia Deepwater Development project, per a Reuters report.
Eni will become the new operator of the Indonesia Deepwater Development project, replacing the position previously held by Chevron.
After years of delay, the Indonesia government had set a deadline to resolve the matter of the operatorship of the Indonesia Deepwater Development gas project by July.
Situated in the Makassar Strait, the development project involves the Bangka and the Gendalo-Gehem gas fields. Chevron has 62% and 63% interests in the Bangka and Gendalo-Gehem projects, respectively.
After completing the management transfer procedure, Eni will submit a plan of development for the project by the end of 2023. The project is expected to start running early next year.
The project’s development plan will be adjusted to incorporate the development of a few existing Eni-operated blocks with the project. Eni is already a partner in the project, along with Indonesia energy firm Pertamina.
Chevron’s decision to exit the project was a major setback for Indonesia’s oil and gas industry. The ownership transfer is important for Indonesia as it plans to increase gas production by resuming development at long-delayed gas projects, including the Indonesia Deepwater Development project.
Based in Rome, Italy, Eni is among the leading integrated energy players in the world. Eni’s constant efforts to expand the upstream business will go a long way in generating growth.
Eni currently carries a Zack Rank #4 (Sell).
Some better-ranked players in the energy space are Oceaneering International, Inc. (OII - Free Report) and Global Partners (GLP - Free Report) , currently sporting a Zacks Rank of 1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
One of the leading suppliers of integrated technology solutions, Oceaneering boasts an impressive portfolio of diversified products and services. OII has a Zacks Style Score of B for Growth.
Oceaneering has witnessed upward earnings estimate revisions for 2023 and 2024 in the past 60 days. The consensus estimate for OII’s 2023 and 2024 earnings per share is pegged at $1.12 and $1.29, respectively.
Global Partners is a leading operator of gasoline stations and convenience stores. Over the past 60 days, GLP has witnessed upward earnings estimate revisions for 2023 and 2024, respectively.
The Zacks Consensus Estimate for Global Partners’ 2023 and 2024 earnings per share is pegged at $3.41 and $3.61, respectively. GLP currently has a Zacks Style Score of A for Value and Momentum.