BP Recommences Operations at Azerbaijan's Shah Deniz Field

BP plc BP, the UK-headquartered energy giant, has resumed gas production from its Shah Deniz Alpha platform in the Caspian Sea after resolving a technical issue that halted operations earlier this month. The temporary suspension on Jan. 10, 2025, was due to a malfunction in a subsea condensate export pipeline linking the platform to the Sangachal terminal.The company confirmed that the issue caused no environmental harm or safety risks to the platform or pipeline. Production and export operations have since restarted and are being gradually ramped up.During the downtime, the malfunction affected regional gas supplies, including a temporary halt in deliveries to Serbia and Bulgaria. Serbia experienced a daily suspension of 1.7 million cubic meters of gas, while Bulgaria faced interruptions starting Jan. 7, 2025, with an expected resolution by Jan. 11, 2025. Despite the disruptions, Azerbaijan maintained gas supplies to Serbia.Discovered in 1999, the Shah Deniz gas-condensate field is among the world’s largest, with estimated reserves of 1 trillion cubic meters of gas and 243 million tons of condensate. Located in Azerbaijan’s sector of the Caspian Sea, the field has been developed in two phases.Phase 1, initiated in 2006, included the development of 11 wells, the construction of platforms and the 692-kilometer South Caucasus Pipeline (SCP) to Türkiye. Phase 2, considered one of the largest and most complex gas projects globally, further bolstered Azerbaijan’s role as a key gas supplier to Europe and Asia.BP remains committed to enhancing its hydrocarbon production in Azerbaijan. The company has also been working on other projects in the region, including its giant oil field operations initiated in April 2024.The resumption of operations at Shah Deniz Alpha is a crucial step in maintaining the field’s output and reinforcing Azerbaijan’s position as a significant player in global energy markets.BP’s Zacks Rank & Key PicksBP currently carries a Zack Rank #3 (Hold).Investors interested in the energy sector may look at some better-ranked stocks like SM Energy Company SM, Sunoco LP SUN and Range Resources Corporation RRC. While SM Energy and Sunoco presently sport a Zacks Rank #1 (Strong Buy) each, Range Resourcescarries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.SM Energy is set to expand its oil-centered operations in the coming years, with an increasing focus on crude oil, especially in the Permian Basin and Eagle Ford regions. The company’s attractive oil and gas investments should create long-term value for shareholders.Sunoco is a leading wholesale motor fuel distributor in the United States, boasting a vast distribution network spanning 40 states. With long-term contracts servicing more than 10,000 convenience stores, it distributes over 10 fuel brands, ensuring a stable revenue stream. Sunoco is poised to benefit from the strategic acquisitions aimed at diversifying its business portfolio.Range Resources is among the top 10 natural gas producers in the United States. Its diversified portfolio is spread between low-risk and long reserve-life Appalachian assets. The company’s extensive inventory of Marcellus resources with low breakeven points is a significant asset. With expanded LPG export capacity, RRC is well-positioned to meet the rising global demand, capitalizing on natural gas's role as a cleaner-burning fuel amid a low-carbon shift. 7 Best Stocks for the Next 30 DaysJust released: Experts distill 7 elite stocks from the current list of 220 Zacks Rank #1 Strong Buys. They deem these tickers "Most Likely for Early Price Pops."Since 1988, the full list has beaten the market more than 2X over with an average gain of +24.1% per year. So be sure to give these hand picked 7 your immediate attention. See them now >>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 BP p.l.c. (BP): Free Stock Analysis Report Range Resources Corporation (RRC): Free Stock Analysis Report Sunoco LP (SUN): Free Stock Analysis Report SM Energy Company (SM): Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks