BP plc (BP) has announced the successful commencement of gas production from the Greater Tortue Ahmeyim (GTA) project, marking a milestone for Senegal and Mauritania. The offshore fields straddling the maritime border of the two West African nations are set to bolster economic growth and energy capabilities in the region.

The $4.8 billion GTA project, jointly developed by BP and Kosmos Energy Ltd., is a floating liquefied natural gas (FLNG) facility designed to produce approximately 2.3 million tons of LNG annually in its initial phase. The project uses wells situated at water depths of 2,850 meters, with gas transported to a floating storage and processing vessel.

"The opening of the first well marks a significant achievement, paving the way for the commercialization of gas," according to a joint statement by the energy ministries of Senegal and Mauritania. Gas deliveries to global markets are expected to commence imminently, reinforcing the project's potential as a transformative energy resource.

As Senegal's first LNG initiative, the GTA project represents a groundbreaking development in the region's energy landscape. It underscores BP's commitment to advancing sustainable energy projects in emerging markets. The GTA’s output is anticipated to strengthen both nations’ fiscal revenues, support infrastructure development and enhance energy security.

BP's success with GTA reflects the company's broader strategy to expand its natural gas portfolio.

The realization of the GTA project demonstrates the collaborative efforts of BP, Kosmos Energy, and the governments of Senegal and Mauritania, setting the stage for further energy exploration in the region.

BP’s Zacks Rank & Key Picks

BP currently carries a Zack Rank #3 (Hold).

Investors interested in the energy sector may look at some better-ranked stocks like TechnipFMC plc FTI, Oceaneering International, Inc. OII and Sunoco LP SUN. While TechnipFMC and Sunoco presently sport a Zacks Rank #1 (Strong Buy) each, Oceaneering carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

TechnipFMC is a leading manufacturer and supplier of products, services and fully integrated technology solutions for the energy industry. It focuses on the subsea segment in offshore basins worldwide. FTI’s growing backlog ensures strong revenue visibility and supports margin improvements.

Oceaneering International delivers integrated technology solutions across all stages of the offshore oilfield lifecycle. With a geographically diverse asset portfolio and a balanced revenue mix between domestic and international operations, the company effectively mitigates risk. As a leading provider of offshore equipment and technology solutions to the energy sector, OII benefits from strong relationships with top-tier customers, ensuring revenue visibility and business stability.

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.

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