BP May Drill Several Exploration Gas Wells In Azerbaijan

BP plc (LON:BP) (NYSE:BP) aims at carrying out drilling operations for six new exploration wells in Azerbaijan through 2020, according to Bloomberg.

In Azerbaijan, the British energy giant has recently invested billions of dollars and now expects to discover a new massive gas field in the country. The source added that the new field might be of the size of Shah Deniz play, touted as among the largest gas-condensate fields in the world.

In a telephonic interview with Bloomberg, Gary Jones — the Regional President of BP for Azerbaijan, Georgia and Turkey — said that Azerbaijan will be in the focus as the exploration program in the country is of profound importance. Notably, the integrated energy major is investing heavily in Eurasia for making ways for the region’s untapped gas resources to the potential European markets.

BP has already commenced transporting gas to Turkey from Shah Deniz Stage 2 project through a new pipeline network. The gas will eventually get transported to Greece, Bulgaria and Italy 2020 onwards, once the transport network’s final development gets accomplished.

The same pipeline networks could carry more volumes of gas to the potential European markets, once BP successfully gets more fuel from the new exploration wells in Azerbaijan, according to the source. Hence, the eventual arrival of Caspian gas in Europe could significantly lower the huge dependence of Europeans on the supplies of Russia.

Headquartered in London, BP is among the leading integrated energy firms in the world. Currently, the stock carries a Zacks Rank #3 (Hold). Meanwhile, prospective players in the energy space worth considering are Unit Corporation (NYSE:UNT) , Bonanza Creek Energy, Inc. (NYSE:BCEI) and TC PipeLines, LP (NYSE:TCP) . All the stocks sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Unit Corp surpassed the Zacks Consensus Estimate in three of the last four quarters, average positive earnings surprise being 21.3%.

Bonanza will likely post earnings growth of 57.3% through 2019.

TC PipeLines beat the Zacks Consensus Estimate in three of the last four quarters, average positive earnings surprise being 15.6%.

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