Eni Expands Algerian Presence With New Production Sharing Contract

Eni S.p.A. E, an Italian integrated energy company, has signed a production sharing contract (PSC) with Algeria’s state-owned energy firm, Sonatrach. The PSC involves the exploration and development activities in the Zemoul El Kbar region in Algeria and has a duration of 30 years. The contract covers an exploration area spanning 4,200 square kilometers in the Zemoul El Kbar region, located within the Berkine Basin, approximately 300 kilometers east of Hassi Messaoud. The total investment associated with this contract is estimated to be $1.35 billion. The exploration and development of the Zemoul El Kbar area is expected to yield an estimated production of about 415 million barrels of oil equivalent over the life of the contract. This also includes approximately 9.3 billion cubic meters of gas from the development. Additionally, Eni has also engaged in discussions with Sonatrach regarding the development of joint programs for natural gas production, as well as gas and LNG exports to European markets. The two companies have also discussed about developing hydrogen and renewable energy projects alongside the exploration of hydrocarbon resources.Eni has maintained its presence in Algeria since 1981. The PSC with Sonatrach should enable the company to expand its presence in the African nation and boost production. Eni and Sonatrach shall focus on enhancing the value of the asset by leveraging cutting-edge technologies to improve recovery rates and increase operational efficiency.E’s Zacks Rank & Key PicksE currently carries a Zacks Rank #3 (Hold).Some better-ranked stocks from the energy sector are Flotek Industries Inc. FTK, The Williams Companies, Inc. WMB, and Oceaneering International OII. While Flotek Industries sports a Zacks Rank #1 (Strong Buy) at present, The Williams Companies and Oceaneering International carry a Zacks Rank #2 (Buy) each. You can see the complete list of today’s Zacks #1 Rank stocks here.Flotek Industries specializes in green chemistry, which provides innovative solutions aimed at reducing the environmental impact of the energy industry. The company develops specialty chemicals tailored for both domestic and international energy producers, as well as oilfield service companies. These chemicals not only help reduce the environmental impact of hydrocarbon production but also lower operational costs.The Williams Companies, Inc. is a premier energy infrastructure provider in North America. The company’s core operations include finding, producing, gathering, processing and transporting natural gas and natural gas liquids. Williams boasts a pipeline system of more than 33,000 miles and is one of the largest domestic transporters of natural gas.Oceaneering International delivers integrated technology solutions across all stages of the offshore oilfield lifecycle. The company is a leading provider of offshore equipment and technology solutions to the energy industry. OII’s proven ability to deliver innovative, integrated solutions supports ongoing client retention and new business opportunities, ensuring steady revenue growth.Zacks' Research Chief Picks Stock Most Likely to "At Least Double"Our experts have revealed their Top 5 recommendations with money-doubling potential – and Director of Research Sheraz Mian believes one is superior to the others. Of course, all our picks aren’t winners but this one could far surpass earlier recommendations like Hims & Hers Health, which shot up +209%.See Our Top Stock to Double (Plus 4 Runners Up) >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Williams Companies, Inc. (The) (WMB): Free Stock Analysis Report Eni SpA (E): Free Stock Analysis Report Oceaneering International, Inc. (OII): Free Stock Analysis Report Flotek Industries, Inc. (FTK): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks