Yahoo Finance BP's Trinidad and Tobago Unit to Install 14th Offshore Platform
BP plc’s BP, group company BP Trinidad and Tobago LLC (“bpTT”), recently announced that the new Juniper offshore platform has set sail toward the southeast coast of Trinidad, where it will put up as bpTT’s 14th offshore installation.
The Juniper project involves an investment of about $2 billion in Trinidad and Tobago and is also one of BP’s largest start-up projects in 2017.
The sixth platform to be constructed by bpTT in Trinidad and Tobago, the Juniper project includes a platform comprising jacket, piles and topsides. It also has a corresponding subsea infrastructure, which will be installed 50 miles offshore in water depths of 360 feet
As bpTT’s first subsea field development, the Juniper project is expected to have a production capacity of about 590 million standard cubic feet a day (mmscfd). The produce will move through the Mahogany B offshore hub.
The Juniper topsides were designed at the TOFCO fabrication yard in La Brea, Trinidad. These have a length of 145 feet to the top of the helideck and weigh about 5,100 short tons. The jacket and piles, designed at Gulf Marine Fabricators in Aransas Pass, TX, were transferred to Trinidad in Dec 2016. The jacket has a length of 389 feet and weighs about 5,200 short tons. The platform installation is being managed by the Thialf, the largest deepwater construction vessel operated by Heerema Marine Contractors.
We expect these developments to result in stock price appreciation. Year to date, the stock has gained 25%, while Zacks categorized sub industry Oil & Gas-International Integrated Market Market has increased by 31.3%.
BP is one of the world's major energy companies that provides its customers with fuel for transportation, energy for heat and light, retail services and petrochemical products. Currently, the company reports mainly through four segments – Upstream, Downstream, Rosneft and Other Businesses and Corporate.
BP currently has a Zacks Rank #3 (Hold). Some better-ranked players in the same space include Braskem S.A. BAK, Suncor Energy, Inc. SU and Noble Midstream Partners L.P. NBLX. All these stocks sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Braskem posted a positive earnings surprise of 107.79% in the last reported quarter.
Suncor Energy posted a positive earnings surprise of 300.00% in the preceding quarter. It had an average earnings surprise of 40.55% in the four trailing quarters.
Noble Midstream Partners posted a negative earnings surprise of 77.78% in the last reported quarter.
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