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EOG Resources Inc. EOG, a leading global exploration and production company, has partnered with Bahrain’s state-owned integrated energy firm Bapco Energies for the exploration of a gas prospect that is anticipated to hold significant potential. This move should help EOG expand its upstream operations in the Middle East.
The companies intend to assess a gas exploration prospect in Bahrain, supporting the Kingdom’s National Energy Strategy. The National Energy Strategy promotes the development of new energy resources in Bahrain that aid in the sustainable development of the nation. EOG Resources mentioned that the exploration agreement is contingent upon the approval of the government. The companies have not mentioned the exploratory area yet.
EOG’s 2025 production forecast indicates an increase compared to its production level in 2024. For 2025, the company expects production to be in the range of 1.10-1.14 million barrels of oil equivalent. The collaboration with Bahrain’s state-owned energy firm should expand EOG Resources’ upstream portfolio. It also indicates that the company is actively seeking exploration opportunities to increase its production levels.
EOG’s Zacks Rank and Other Key Picks
EOG currently carries a Zacks Rank #2 (Buy).
Some other top-ranked stocks from the energysector are Archrock Inc. AROC, Eni SpA E and NextDecade Corporation NEXT. Archrock currently sports a Zacks Rank #1 (Strong Buy), while Eni and NextDecade carry a Zacks Rank #2 each. You can see the complete list of today’s Zacks #1 Rank stocks here.
Archrock is an energy infrastructure company based in the United States with a focus on midstream natural gas compression. It provides natural gas contract compression services and generates stable fee-based revenues.
Eni is a leading global integrated energy company with a prominent focus on liquefied natural gas businesses. As natural gas has a lesser carbon footprint compared with other fossil fuel, it will play an important role in the global energy transition process. Eni’s participation in the natural gas market will allow it capitalize on the mounting global demand in the future.
NextDecade is an emerging player in the LNG space with its Rio Grande LNG project in Texas. The demand for LNG as a clean burning fuel continues to grow, and the commodity is expected to play a crucial role in the energy transition process. The company’s focus on expanding its liquefaction capacity is expected to enhance its position in the rapidly growing global LNG market, enabling it to meet the rising demand for natural gas.