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BP Eyes Growth in India, Holds Board Meeting to Explore Options
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BP plc (BP - Free Report) ), a leading UK-based energy company, is expanding its presence in India as it explores more business opportunities in the rapidly growing market. Per a Reuters report, the company confirmed on Wednesday that it is holding a board meeting in India this week, emphasizing its strategic interest in the country’s oil and gas sector. India, the world’s third-largest oil importer and consumer, seeks to increase its stagnant oil and gas production, making it a prime location for BP’s future investments.
BP Seeks Partnerships to Boost India's Energy Production
The Indian government has been actively seeking partnerships to accelerate domestic production. In June, the country's top oil producer, Oil and Natural Gas Corporation, announced that it was looking for a technical collaboration with a global oil major to increase production from the Mumbai High fields. BP, with its long-standing presence in India, is well-positioned to take advantage of these opportunities. BP CEO Murray Auchincloss highlighted growing business opportunities in India, particularly through the company's strong partnership with Reliance, which is involved in gas production and expansion of retail operations across the country.
BP's Ongoing Partnership With Reliance Supports Expansion
BP’s strategic partnership with Reliance Industries has already seen significant success in India. Together, they operate 1,900 fuel retail stations across the country and produce oil and gas from a deepwater block in the Krishna-Godavari basin. The BP-Reliance alliance is further deepening its involvement by teaming up with ONGC to bid for offshore exploration rights, according to India’s Directorate General of Hydrocarbons. This collaboration is seen as a key factor in helping the country meet its rising energy demands.
BP’s Board Highlights India's Energy Potential
During BP's five-day visit to India, the board held a meeting with the country’s Oil Minister Hardeep Singh Puri, who emphasized BP's vital role in India’s energy future. He noted that the strong partnership between BP and India, covering exploration, production, biofuels, fuel retail and emerging energy areas, is set to expand further. BP Chairman Helge Lund emphasized that the company aims to leverage its expertise to support the secure, affordable and lower-carbon growth of India’s energy resources.
BP’s Zacks Rank & Key Picks
BP currently carries a Zack Rank #5 (Strong Sell).
TechnipFMC is a leading manufacturer and supplier of products, services and fully integrated technology solutions for the energy industry, with a focus on the subsea segment in offshore basins worldwide. FTI’s growing backlog ensures strong revenue visibility and supports margin improvements.
The Zacks Consensus Estimate for FTI’s 2024 EPS is pegged at $1.34. The company has a Zacks Style Score of B for Value and A for Growth. It has witnessed upward earnings estimate revisions for 2025 in the past 30 days.
Core Laboratories, an oilfield services company, has a deep portfolio of sophisticated, proprietary products and services that positions it to take advantage of the growing maturity in the global hydrocarbon reserve base. CLB’s expanding international upstream projects indicate a positive trajectory for revenues and profitability, especially as oil demand continues to rise globally.
The Zacks Consensus Estimate for CLB’s 2024 EPS is pegged at $0.95. The company has a Value Score of B. It has witnessed upward earnings estimate revisions for 2024 and 2025 in the past 30 days.
VAALCO Energy is an independent energy company involved in upstream business operations, with a diversified presence in Africa and Canada. Having a large inventory of drilling locations in premium Canadian Acreage, the company’s production outlook seems bright.
The Zacks Consensus Estimate for EGY’s 2024 EPS is pegged at $0.65. The company has a Value Score of A. It has witnessed upward earnings estimate revisions for 2024 in the past 30 days.
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BP Eyes Growth in India, Holds Board Meeting to Explore Options
BP plc (BP - Free Report) ), a leading UK-based energy company, is expanding its presence in India as it explores more business opportunities in the rapidly growing market. Per a Reuters report, the company confirmed on Wednesday that it is holding a board meeting in India this week, emphasizing its strategic interest in the country’s oil and gas sector. India, the world’s third-largest oil importer and consumer, seeks to increase its stagnant oil and gas production, making it a prime location for BP’s future investments.
BP Seeks Partnerships to Boost India's Energy Production
The Indian government has been actively seeking partnerships to accelerate domestic production. In June, the country's top oil producer, Oil and Natural Gas Corporation, announced that it was looking for a technical collaboration with a global oil major to increase production from the Mumbai High fields. BP, with its long-standing presence in India, is well-positioned to take advantage of these opportunities. BP CEO Murray Auchincloss highlighted growing business opportunities in India, particularly through the company's strong partnership with Reliance, which is involved in gas production and expansion of retail operations across the country.
BP's Ongoing Partnership With Reliance Supports Expansion
BP’s strategic partnership with Reliance Industries has already seen significant success in India. Together, they operate 1,900 fuel retail stations across the country and produce oil and gas from a deepwater block in the Krishna-Godavari basin. The BP-Reliance alliance is further deepening its involvement by teaming up with ONGC to bid for offshore exploration rights, according to India’s Directorate General of Hydrocarbons. This collaboration is seen as a key factor in helping the country meet its rising energy demands.
BP’s Board Highlights India's Energy Potential
During BP's five-day visit to India, the board held a meeting with the country’s Oil Minister Hardeep Singh Puri, who emphasized BP's vital role in India’s energy future. He noted that the strong partnership between BP and India, covering exploration, production, biofuels, fuel retail and emerging energy areas, is set to expand further. BP Chairman Helge Lund emphasized that the company aims to leverage its expertise to support the secure, affordable and lower-carbon growth of India’s energy resources.
BP’s Zacks Rank & Key Picks
BP currently carries a Zack Rank #5 (Strong Sell).
Investors interested in the energy sector may look at some better-ranked stocks like TechnipFMC plc (FTI - Free Report) , Core Laboratories Inc. (CLB - Free Report) and VAALCO Energy, Inc. (EGY - Free Report) , each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
TechnipFMC is a leading manufacturer and supplier of products, services and fully integrated technology solutions for the energy industry, with a focus on the subsea segment in offshore basins worldwide. FTI’s growing backlog ensures strong revenue visibility and supports margin improvements.
The Zacks Consensus Estimate for FTI’s 2024 EPS is pegged at $1.34. The company has a Zacks Style Score of B for Value and A for Growth. It has witnessed upward earnings estimate revisions for 2025 in the past 30 days.
Core Laboratories, an oilfield services company, has a deep portfolio of sophisticated, proprietary products and services that positions it to take advantage of the growing maturity in the global hydrocarbon reserve base. CLB’s expanding international upstream projects indicate a positive trajectory for revenues and profitability, especially as oil demand continues to rise globally.
The Zacks Consensus Estimate for CLB’s 2024 EPS is pegged at $0.95. The company has a Value Score of B. It has witnessed upward earnings estimate revisions for 2024 and 2025 in the past 30 days.
VAALCO Energy is an independent energy company involved in upstream business operations, with a diversified presence in Africa and Canada. Having a large inventory of drilling locations in premium Canadian Acreage, the company’s production outlook seems bright.
The Zacks Consensus Estimate for EGY’s 2024 EPS is pegged at $0.65. The company has a Value Score of A. It has witnessed upward earnings estimate revisions for 2024 in the past 30 days.