British energy giant
) has awarded a five-year, multi-million pound contract to energy
services company Wood Group ODL, effective Jan 2014.
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Per the terms of the contract, Wood Group ODL will offer document
control and information management services for BP's North Sea
business. This contract, which deepens the 11-year tie between BP
and Wood Group ODL, was awarded through a competitive tender
Wood Group ODL - a Wood Group PSN business - also manages other
contracts with BP globally to provide operations procedure
manuals and training and competency assessments.
Recently, BP along with its partner
) made a huge find at its Gila prospect, in the deepwater U.S.
Gulf of Mexico. The discovery represents the first major find by
BP since the massive rig outburst that caused the worst
environmental tragedy in the U.S. history. After the Macondo well
blowout, the U.S. regulators lifted a five-month ban on deepwater
drilling in 2010. The latest find is the third discovery in
recent years in the emerging Paleogene trend in the Gulf. The
previous finds were Kaskida in 2006 and Tiber in 2009.
BP has a strong pipeline of projects and expects four additional
upstream ventures to commence by the end of 2013. Of these,
Angolan LNG and Atlantis North Expansion commenced operations in
the first half of 2013, while Australia-North Rankin phase 2 and
Azerbaijan-Chirag are on track to start production in the second
half. Six more project start-ups are expected by next year.
Altogether, BP has about 50 major assignments through the decade.
Of these, 11 involve more than $10 billion in total cost. The
latest contract will come handy in view of its vast contract
BP carries a Zacks Rank #3 (Hold). Some better-ranked stocks in
the oil and gas sector include
Blueknight Energy Partners, L.P
). All these stocks hold a Zacks Rank #1 (Strong Buy).