We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Eni (E) Makes a Significant Gas Discovery in Indonesia
Read MoreHide Full Article
Eni SpA (E - Free Report) , Italy's energy giant, announced a significant gas discovery in the Kutei Basin, situated off the coast of East Kalimantan, Indonesia. The Geng North-1 exploration well, drilled in the North Ganal PSC, yielded preliminary estimates of a staggering 5 trillion cubic feet (Tcf) of gas in place, along with an expected 400 million barrels of condensate.
According to Eni, the Geng North-1 well, reaching a depth of 5,025 meters in 1,947 meters of water, encountered a gas column approximately 50 meters thick in a Miocene sandstone reservoir with exceptional petrophysical properties. Following an extensive data acquisition campaign, a successful well production test revealed a capacity of up to 80-100 million standard cubic feet per day of gas and 5-6 thousand barrels per day of condensate.
The gas-rich discovery aligns with Eni's strategic vision to transition toward a portfolio composition where gas and LNG play a dominant role, targeting 60% by 2030. The newfound gas deposit not only presents an opportunity to establish a new production hub in the Northern part of the Kutei Basin but also allows for integration with existing Bontang LNG facilities, optimizing capacity utilization.
Beyond the Geng North discovery, Eni believes that there is an additional 5 trillion cubic feet of gas in place within undeveloped discoveries in the same area of interest. Ongoing studies indicate a multi-Tcf exploration potential. This untapped potential signifies a wealth of opportunities for future exploration and production endeavors. The completion of Eni's acquisition of Neptune Energy represents a significant development in consolidating Eni's standing in the North Ganal area.
Matador Resources is among the leading oil and gas explorers in the shale and unconventional resources in the United States. The company’s prime intention is to create more value for shareholders and generate lucrative returns from the capital invested in unconventional plays. MTDR has witnessed an upward earnings estimate revision for 2024 over the past 30 days.
Range Resources is among the top 10 natural gas producers in the United States with a diversified asset portfolio spread between low-risk and long reserve-life Appalachian assets. The company’s extensive inventory of Marcellus resources with low breakeven points is a significant asset. RRC has witnessed an upward earnings estimate revision for 2023 and 2024 in the past seven days.
Core Laboratories’ strong presence in the emerging shale plays and its global footprint will provide for steady growth rates going forward. CLB’s technology-heavy portfolio of proprietary products and services gives it the opportunity to optimize production from new and existing fields. It has witnessed an upward earnings estimate revision for 2024 in the past 60 days.
Unique Zacks Analysis of Your Chosen Ticker
Pick one free report - opportunity may be withdrawn at any time
Image: Bigstock
Eni (E) Makes a Significant Gas Discovery in Indonesia
Eni SpA (E - Free Report) , Italy's energy giant, announced a significant gas discovery in the Kutei Basin, situated off the coast of East Kalimantan, Indonesia. The Geng North-1 exploration well, drilled in the North Ganal PSC, yielded preliminary estimates of a staggering 5 trillion cubic feet (Tcf) of gas in place, along with an expected 400 million barrels of condensate.
According to Eni, the Geng North-1 well, reaching a depth of 5,025 meters in 1,947 meters of water, encountered a gas column approximately 50 meters thick in a Miocene sandstone reservoir with exceptional petrophysical properties. Following an extensive data acquisition campaign, a successful well production test revealed a capacity of up to 80-100 million standard cubic feet per day of gas and 5-6 thousand barrels per day of condensate.
The gas-rich discovery aligns with Eni's strategic vision to transition toward a portfolio composition where gas and LNG play a dominant role, targeting 60% by 2030. The newfound gas deposit not only presents an opportunity to establish a new production hub in the Northern part of the Kutei Basin but also allows for integration with existing Bontang LNG facilities, optimizing capacity utilization.
Beyond the Geng North discovery, Eni believes that there is an additional 5 trillion cubic feet of gas in place within undeveloped discoveries in the same area of interest. Ongoing studies indicate a multi-Tcf exploration potential. This untapped potential signifies a wealth of opportunities for future exploration and production endeavors. The completion of Eni's acquisition of Neptune Energy represents a significant development in consolidating Eni's standing in the North Ganal area.
Zacks Rank & Key Picks
Eni currently carries a Zack Rank #3 (Hold).
Some better-ranked players in the energy sector are Matador Resources Company (MTDR - Free Report) , currently sporting a Zacks Rank #1 (Strong Buy), and Range Resources Corporation (RRC - Free Report) and Core Laboratories Inc (CLB - Free Report) , each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Matador Resources is among the leading oil and gas explorers in the shale and unconventional resources in the United States. The company’s prime intention is to create more value for shareholders and generate lucrative returns from the capital invested in unconventional plays. MTDR has witnessed an upward earnings estimate revision for 2024 over the past 30 days.
Range Resources is among the top 10 natural gas producers in the United States with a diversified asset portfolio spread between low-risk and long reserve-life Appalachian assets. The company’s extensive inventory of Marcellus resources with low breakeven points is a significant asset. RRC has witnessed an upward earnings estimate revision for 2023 and 2024 in the past seven days.
Core Laboratories’ strong presence in the emerging shale plays and its global footprint will provide for steady growth rates going forward. CLB’s technology-heavy portfolio of proprietary products and services gives it the opportunity to optimize production from new and existing fields. It has witnessed an upward earnings estimate revision for 2024 in the past 60 days.