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BP plc (BP), a leading UK-based energy company, has enlisted American Bureau of Shipping (“ABS”) for a range of services related to the floating production unit (FPU) for its Kaskida development in the U.S. Gulf of Mexico. This marks BP's sixth-operated deepwater project in the region, located in a high-margin basin. ABS will provide classification and engineering verification services for the new semi-submersible FPU, a key component in BP’s growing Gulf of Mexico portfolio.
ABS' Role in BP’s Kaskida Development
ABS, known for its expertise in offshore exploration, will support the project with its engineering review, verification and inspection services. It will act as the certified verification agent for the U.S. Bureau of Safety and Environmental Enforcement. ABS will also serve as the independent third-party verifier for high-pressure, high-temperature subsea equipment. Miguel Hernandez, ABS’ senior vice president, highlighted its decades of experience in working with complex semisubmersible production platforms, particularly in the Gulf of Mexico.
In addition, it will collaborate with the United States Coast Guard to oversee the design, construction, installation and equipment for BP’s Kaskida FPU.
Engineering for BP's Kaskida FPU Underway
BP has already engaged multiple firms for the engineering and design work on the FPU. Audubon Engineering is handling the topside design, while Exmar Offshore is responsible for the hull, with both contracts awarded in August 2024. The Kaskida project is expected to begin production by 2029, with the FPU capable of producing 80,000 barrels of crude oil per day from six wells in the first phase.
The Kaskida project, located approximately 250 miles southwest of New Orleans in the Keathley Canyon area, is set to unlock 275 million barrels of oil equivalent in recoverable resources. The project is part of BP’s larger plan to develop 10 billion barrels of discovered resources in the Kaskida and Tiber catchment areas.
BP’s Kaskida Project to Feature High-Pressure Technology
BP’s Kaskida development will be the first in the Gulf of Mexico to utilize well equipment with a pressure rating of up to 20,000 pounds per square inch. This cutting-edge technology is essential for tapping deepwater reservoirs at 34,000 feet below sea level.
The involvement of ABS in this ambitious project highlights its critical role in ensuring the successful delivery of BP’s largest energy development in the United States to date.
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 MPLX LP MPLX, Core Laboratories Inc. CLB and VAALCO Energy, Inc. EGY. While MPLX currently sports a Zacks Rank #1 (Strong Buy), Core Laboratories and VAALCO Energy carry a Zacks Rank #2 (Buy) each. You can see the complete list of today’s Zacks #1 Rank stocks here.
MPLX derives stable fee-based revenues from long-term contracts, with minimal exposure to commodity-price fluctuations. The partnership’s robust capital expenditure forecast for 2024, along with significant expansion initiatives, underscores its commitment to sustainable growth.
The Zacks Consensus Estimate for MPLX’s 2024 EPS is pegged at $4.29. The company has a Value Score of B. It has witnessed upward earnings estimate revisions for 2024 and 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.
Zacks Investment Research
Eni SpA E, Italy’s leading oil and gas company, is in discussions with several investment funds about selling a minority stake in its renewable and retail business, Plenitude, per a Reuters report. This potential sale would mark another step in Eni's ongoing strategy to attract specialized investors to support its energy transition efforts. Earlier this year, in March, Eni completed the sale of 7.6% of Plenitude to Energy Infrastructure Partners (“EIP”).
The ongoing talks between Eni and the potential investors in its low-carbon unit centered around Plentitude’s approximate value of more than €10 billion ($11.09 billion), the same for which EIP bought the shares of the unit early in 2024. Investors interested in acquiring a stake of around 10% in Plentitude include the U.S. asset management firm Apollo Capital Management, Norway’s private equity fund HitecVision and London-based Trilantic Europe. However, both Eni and the investors involved have refused to comment publicly on these developments.
Plenitude is a key component of Eni’s renewable energy efforts, generating power from renewables, providing electricity and gas services, and developing a network of charging stations for electric vehicles. The business unit is expected to attain earnings before interest, taxes, depreciation, and amortization (EBITDA) of €1 billion this year, up from €900 million in 2023.
This latest move aligns with Eni's "satellite strategy", where it creates separate units for renewable energy and biofuels, seeking investment partners to help grow these businesses. In July, Eni entered into exclusive talks with U.S. investment firm KKR over the sale of up to 25% of its biofuel business, Enilive.
This strategic approach is aimed at driving Eni's transformation toward a sustainable energy future.
E’s Zacks Rank & Key Picks
E currently has a Zack Rank #3 (Hold).
Investors interested in the energy sector may look at some better-ranked stocks like MPLX LP MPLX, Core Laboratories Inc. CLB and VAALCO Energy, Inc. EGY. While MPLX currently sports a Zacks Rank #1 (Strong Buy), Core Laboratories and VAALCO Energy carry a Zacks Rank #2 (Buy) each. You can see the complete list of today’s Zacks #1 Rank stocks here.
MPLX derives stable fee-based revenues from long-term contracts, with minimal exposure to commodity-price fluctuations. The partnership’s robust capital expenditure forecast for 2024, along with significant expansion initiatives, underscores its commitment to sustainable growth.
The Zacks Consensus Estimate for MPLX’s 2024 EPS is pegged at $4.29. The company has a Value Score of B. It has witnessed upward earnings estimate revisions for 2024 and 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.
Zacks Investment Research
Chevron Corporation’s CVX subsidiary, Chevron U.S.A. Inc., through its unit Chevron Shipping Company LLC, has partnered with Mitsui O.S.K. Lines, Ltd., Tokyo-based Japanese transport company, to launch a groundbreaking venture aimed at revolutionizing the shipping industry. This collaboration focuses on installing the Wind Challenger, a hard sail wind-assisted ship propulsion system developed by Mitsui and Oshima Shipbuilding, on a newly constructed LNG carrier.
This partnership is part of CVX's broader mission to lower the carbon intensity of its global operations, pushing the boundaries of sustainable innovation. The vessel, set to be equipped with Wind-Assisted Ship Propulsion Systems, is currently under construction at the Geoje Shipyard of Hanwha Ocean Co., Ltd., delivery expected in 2026. This project represents a milestone for CVX and Mitsui, marking the world’s first LNG carrier fitted with wind-assisted propulsion.
The Wind Challenger is a cutting-edge telescopic sail system that uses wind to assist in the propulsion of large vessels like LNG carriers. This system has been designed to reduce fuel consumption and greenhouse gas (“GHG”) emissions. Its telescopic sails are particularly effective in capturing wind energy, reducing the need for conventional fossil fuel-powered engines and cutting down on carbon emissions.
With this innovative technology, CVX and Mitsui aim to contribute significantly to the maritime industry’s push toward sustainability. The sails themselves are robust, designed for durability and equipped with additional safety features, such as an enclosed navigation bridge and lookout stations, ensuring that the vessel remains safe and effective even in challenging weather conditions.
One of the most significant benefits of the Wind Challenger system is its potential to lower the carbon footprint of LNG shipping. By reducing reliance on fossil fuels, the system offers a practical way to meet the carbon reduction targets that are increasingly demanded by industry stakeholders and global regulatory bodies.
The use of wind power helps to reduce GHG emissions, a critical factor for CVX as it attempts to fulfill the company’s commitment to reducing carbon intensity. This technology allows Chevron to set an example in hard-to-abate sectors, offering a novel approach to decarbonizing an industry that has historically been challenging to shift toward more sustainable practices.
The Wind Challenger is not just about reducing emissions—this also boosts fuel efficiency. By integrating wind-assisted propulsion into an LNG carrier, CVX and Mitsui can reduce the fuel required to operate the vessel. This move not only saves on operational costs but also makes the shipping process more sustainable in the long term. As the global demand for LNG continues to grow, efficiency will be key in maintaining profitability while adhering to environmental standards.
Collaboration Between CVX and Mitsui
This project is a true testament to the strong partnership between CVX and Mitsui, both of whom have been leaders in the maritime and energy sectors for decades. Barbara Pickering, president of Chevron Shipping Company, has expressed her pride in this collaboration, highlighting that this is another instance of Chevron’s commitment to innovation and reducing carbon intensity in sectors that are typically harder to decarbonize.
By teaming up with Mitsui, CVX is not only investing in new technology but is also setting a benchmark for the global shipping industry, showcasing that sustainability and profitability can go hand in hand. Takeshi Hashimoto, president and CEO of Mitsui, also emphasized the importance of this project in achieving its Environmental Vision 2.2, which aims for net-zero emissions by 2050.
The Wind Challenger system has been meticulously designed to minimize its impact on the existing LNG carrier structure. This includes maintaining the current mooring arrangements and ensuring that the ship’s shore compatibility remains unaffected. Additionally, the system’s design focuses on minimizing its windage area, reducing potential resistance from strong winds and thus ensuring that the vessel remains tradable across global shipping routes.
With the first Wind Challenger-equipped LNG carrier set to be delivered in 2026, this project is expected to be a game-changer for the entire maritime industry. As more shipping companies look to reduce its carbon footprints and comply with increasingly stringent environmental regulations, technologies like the Wind Challenger will likely become more mainstream. This project is not just a step forward for Chevron and Mitsui, but a potential blueprint for the global shipping industry to follow.
The Wind Challenger technology will be showcased at the Gastech Exhibition & Conference 2024, held in Houston in September. In this exhibition, Mitsui will hold information sessions to explain how the Wind Challenger can be applied to LNG carriers and other vessels. The event will provide an opportunity for industry stakeholders to learn more about the technology and its potential applications in other sectors of the shipping industry.
The partnership between Chevron and Mitsui represents a significant leap forward in the maritime industry’s quest for sustainability. By combining Mitsui’s expertise in wind-assisted propulsion with Chevron’s commitment to reducing carbon intensity, this project sets a new standard for the future of LNG shipping. As the world moves toward net-zero emissions, innovations like the Wind Challenger will play a critical role in helping industries reduce carbon footprints while maintaining operational efficiency.
Zacks Rank and Key Picks
Currently, CVX has a Zacks Rank #3 (Hold).
Investors interested in the energy sector might look at some better-ranked stocks like MPLX LP MPLX, sporting a Zacks Rank #1 (Strong Buy) and Vaalco Energy, Inc. EGY and Core Laboratories Inc. CLB, each carrying a Zacks Rank #2 (Buy), at present. You can see the complete list of today’s Zacks #1 Rank stocks here
Findlay, OH-based MPLX LP is valued at $44.68 billion. In the past year, its shares have risen 25.7%. MPLX owns and operates midstream energy infrastructure and logistics assets in the United States. It operates under two segments, namely Logistics and Storage, and Gathering and Processing.
Houston, TX-based Vaalco Energy is valued at $579.92 million. The oil and gas exploration and production company currently pays a dividend of 25 cents per share, or 4.47%, on an annual basis. EGY is an independent energy company principally engaged in the acquisition, exploration, development and production of crude oil and natural gas.
Core Laboratories is valued at $797.52 million. The company currently pays a dividend of 4 cents per share, or 0.24%, on an annual basis. Netherlands-based CLB is an oilfield services company, operating in more than 50 countries. The firm deals with providing reservoir management and production enhancement services to oil and gas companies.
Zacks Investment Research
Energy stocks were rising late Friday afternoon, with the NYSE Energy Sector Index and the Energy Select Sector SPDR Fund (XLE) were both up 0.5%.
The Philadelphia Oil Service Sector Index was shedding 0.1%, and the Dow Jones US Utilities Index was advancing 1.1%.
Front-month West Texas Intermediate crude oil was up 0.1% at $69.07 a barrel, and the global benchmark Brent crude contract eased less than 0.1% to $71.95 a barrel. Henry Hub natural gas futures dropped 2.3% to $2.30 per 1 million BTU.
In corporate news, Eni is looking at selling a minority stake in its renewable and retail business unit Plenitude and is in talks with several funds for a deal, Reuters reported Friday. Eni shares rose over 1%.
Petrobras plans to invest 20 billion reais ($3.6 billion) in a Rio de Janeiro complex with a refinery and a plant to produce derivatives, Bloomberg reported Friday. Petrobras shares added nearly 1%.
Shell said that it's ramping up production at its Mars, Vito, Ursa, Olympus, and Appomattox platforms as it resolved downstream issues after Hurricane Francine passed through the Gulf of Mexico. Shell shares were up 0.6%.
TC Energy will compensate investors of the CA$1 billion ($736.1 million) Aspen Investments bond transaction after the deal fell through, Bloomberg reported Friday. TC Energy shares added almost 1%.
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