Benzinga - by Zacks, Benzinga Contributor.
BP plc (NYSE: BP), a global leader in the energy sector, has announced the commencement of oil production from its latest offshore platform, Azeri Central East ("ACE"), located offshore Azerbaijan. This marks the inauguration of BP's seventh offshore platform at the Azeri-Chirag-Gunashli ("ACG") field in the Caspian Sea.
The ACG field, which kickstarted its production journey in 1997, has been a pillar in Azerbaijan's oil industry, contributing more than 4.3 billion barrels of oil to date. However, the country's oil production has seen a decline since reaching its peak of approximately 1 million barrels per day during 2011-2012.
The ACE project, backed by a $6 billion investment, marks the next stage in the evolution of the ACG field. Positioned strategically at a water depth of 137 meters, the platform is equipped with 48 slots for production, drilling and accommodation, strategically placed between the Central Azeri and East Azeri platforms.
Designed to handle up to 100,000 barrels per day, the ACE platform and its associated infrastructure are poised to play a pivotal role in revitalizing Azerbaijan's oil production landscape. The project, with its anticipated lifespan, is projected to yield a staggering 300 million barrels of oil.
BP has outlined ambitious plans for the ACE platform, expecting to witness a substantial boost in its production capacity in the coming years. As part of these plans, BP aims to drill, complete and activate two additional wells, which is anticipated to escalate ACE's production to approximately 24,000 barrels per day by 2024.
The ACE platform distinguishes itself with its technological sophistication and digital prowess. Leveraging automation and modern processes, the platform ensures safer and more efficient operations while concurrently reducing operational emissions. Gary Jones, BP's regional president for Azerbaijan, Georgia and Turkiye, highlighted the collaboration between BP, SOCAR and the government of Azerbaijan as instrumental in this success.
Zacks Rank & Key Picks BP currently carries a Zack Rank #3 (Hold).
Some better-ranked stocks in the energy sector are Murphy USA Inc. (NYSE: MUSA), Global Partners (NYSE: GLP) and Sunoco LP (NYSE: SUN). While Murphy USA and Global Partners sport a Zacks Rank #1 (Strong Buy) each, Sunoco LP carries a Zacks Rank #2 (Buy) at present.
Murphy USA is a leading independent retailer of motor fuel and convenience merchandise in the United States.
The Zacks Consensus Estimate for MUSA's 2024 EPS is pegged at $26.40. The company has a Zacks Style Score of B for Growth and B for Value. It has witnessed upward earnings estimate revisions for 2024 in the past seven days.
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 2024 and 2025.
The Zacks Consensus Estimate for Global Partners' 2024 and 2025 EPS is pegged at $3.90 and $4.47, respectively. GLP currently has a Zacks Style Score of A for Value.
Sunoco is among the biggest motor fuel distributors in the U.S. wholesale market in terms of volumes. By distributing more than 10 fuel brands via 10,000 convenience stores under long-term distribution contracts, the partnership will continue to generate stable cash flow.
The Zacks Consensus Estimate for SUN's 2024 EPS is pegged at $4.99. The company has witnessed upward earnings estimate revisions for 2024 in the past seven days.
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