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.
CNOOC (CEO) Starts Production From Jurassic Reservoir in GoM
Read MoreHide Full Article
CNOOC Limited (CEO - Free Report) recently announced that a deep-water Gulf of Mexico (GoM) field has started production much earlier than expected. The Appomattox Field, located around 128kilometers southeast of Louisiana, is the first commercial discovery of Norphlet formation to come online. Production started through the Appomattox floating production system (FPS).
Notably, the project was previously slated to be operational during the second half of the year. The peak output from the field — at a water depth of around 2,255 meters — is projected at 175,000 barrels of oil equivalent per day (Boe/d). The produced oil will be transported through 145-kilometer Mattox Pipeline, which has 300,000 barrels per day capacity. The pipeline is connected to the Proteus pipeline system, which will bring the output onshore. Along with a central platform, the Appomattox project facility includes 15 subsea producing and 5 water injection wells.
CNOOC expects production from the Jurassic reservoir of Appomattox field to be a significant growth driver for its international output. Through innovation and optimization, the company achieved substantial level of cost reduction at the field. Commencement of the endeavorway ahead of the schedule marks the company’s efficiency in delivering projects. Moreover, the event also carries an optimistic message for investors in the offshore drilling market.
The company has two more projects scheduled to start production in the second half of 2019. These are Caofeidian 11-1/11-6 and Wenchang 13-2 comprehensive adjustment projects, located across Bohai, China and Western South China Sea, respectively.
Notably, CNOOC owns 21% stake in the field while operator Royal Dutch Shell plc holds 79% interest.
The CNOOC stock has gained 9.2% year to date and is expected to move further north.
Currently, the stock sports a Zacks Rank #2 (Buy). Some other top-ranked players in the energy space are Apache Corporation (APA - Free Report) and Hess Corporation (HES - Free Report) . While Apache sports a Zacks Rank #1 (Strong Buy), Hess has a Zacks Rank of 2. You can see the complete list of today’s Zacks #1 Rank stocks here.
Apache’s earnings beat estimates in all the trailing four quarters, the average being 31.1%.
Hess’ earnings are expected to skyrocket more than 130% through 2019.
More Stock News: This Is Bigger than the iPhone!
It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 27 billion devices in just 3 years, creating a $1.7 trillion market.
Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 6 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2020.
Image: Bigstock
CNOOC (CEO) Starts Production From Jurassic Reservoir in GoM
CNOOC Limited (CEO - Free Report) recently announced that a deep-water Gulf of Mexico (GoM) field has started production much earlier than expected. The Appomattox Field, located around 128kilometers southeast of Louisiana, is the first commercial discovery of Norphlet formation to come online. Production started through the Appomattox floating production system (FPS).
Notably, the project was previously slated to be operational during the second half of the year. The peak output from the field — at a water depth of around 2,255 meters — is projected at 175,000 barrels of oil equivalent per day (Boe/d). The produced oil will be transported through 145-kilometer Mattox Pipeline, which has 300,000 barrels per day capacity. The pipeline is connected to the Proteus pipeline system, which will bring the output onshore. Along with a central platform, the Appomattox project facility includes 15 subsea producing and 5 water injection wells.
CNOOC expects production from the Jurassic reservoir of Appomattox field to be a significant growth driver for its international output. Through innovation and optimization, the company achieved substantial level of cost reduction at the field. Commencement of the endeavorway ahead of the schedule marks the company’s efficiency in delivering projects. Moreover, the event also carries an optimistic message for investors in the offshore drilling market.
The company has two more projects scheduled to start production in the second half of 2019. These are Caofeidian 11-1/11-6 and Wenchang 13-2 comprehensive adjustment projects, located across Bohai, China and Western South China Sea, respectively.
Notably, CNOOC owns 21% stake in the field while operator Royal Dutch Shell plc holds 79% interest.
The CNOOC stock has gained 9.2% year to date and is expected to move further north.
CNOOC Limited Price
CNOOC Limited price | CNOOC Limited Quote
Zacks Rank and Other Stocks to Consider
Currently, the stock sports a Zacks Rank #2 (Buy). Some other top-ranked players in the energy space are Apache Corporation (APA - Free Report) and Hess Corporation (HES - Free Report) . While Apache sports a Zacks Rank #1 (Strong Buy), Hess has a Zacks Rank of 2. You can see the complete list of today’s Zacks #1 Rank stocks here.
Apache’s earnings beat estimates in all the trailing four quarters, the average being 31.1%.
Hess’ earnings are expected to skyrocket more than 130% through 2019.
More Stock News: This Is Bigger than the iPhone!
It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 27 billion devices in just 3 years, creating a $1.7 trillion market.
Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 6 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2020.
Click here for the 6 trades >>