BP plc BP has announced that it will develop an offshore wind farm off the coast of Yamagata Prefecture in Japan. The Japanese government has selected a consortium involving BP, Tokyo Gas, Marubeni Corporation, Kansai Electric Power and Marutaka Corporation to build a 450-megawatt (MW) offshore wind farm.

The wind farm will be developed offshore Yuza Town in the Yamagata Prefecture. A special purpose company (SPC) will be formed by the consortium partners to develop the offshore wind project called Yamagata Yuza Offshore Wind. The planned project capacity is 450 MW, comprising 30 units of the Siemens Gamesa offshore wind turbines. Each of these turbines has a 15 MW capacity, with their foundations fixed to the bottom of the seabed.

The project involves the construction of a bottom-fixed offshore wind farm, along with its maintenance and operations. The wind farm is expected to start commercial operations in June 2030. The Japanese government has also selected another consortium led by JERA to construct an offshore wind farm with a planned capacity of 615 MW off the coast of Aomori Prefecture.

BP’s Zacks Rank and Key Picks

BP currently carries a Zacks Rank #4 (Sell).

Some better-ranked stocks from the energy sector are TechnipFMC plc FTI, Oceaneering International OII and Nine Energy Service NINE. TechnipFMC currently sports a Zacks Rank #1 (Strong Buy), while Oceaneering International and Nine Energy Service each carry 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. The company’s total backlog witnessed a high of $14.7 million in the third quarter of 2024, indicating an 11.1% increase from the previous year’s level. This growing backlog ensures strong revenue growth for FTI.

Oceaneering International delivers integrated technology solutions across all stages of the offshore oilfield lifecycle. The company is a leading offshore equipment and technology solutions provider to the energy industry. Its proven ability to deliver innovative, integrated solutions supports ongoing client retention and new business opportunities, ensuring steady revenue growth.

Nine Energy Service provides onshore completion and production services for unconventional oil and gas resource development. The company operates across key prolific basins in the United States, including the Permian, Eagle Ford, MidCon, Barnett, Bakken, Rockies, Marcellus and Utica, and throughout Canada. With a sustained demand for oil and gas in the future, the need for NINE’s services is anticipated to increase, which should position the company for growth in the long run.

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