BP Seeks $15B Project In OmanZacks Investmentupdated Jun 23, 2011TweetAt GET.com we maintain complete editorial integrity on our content & provide transparent & unbiased information. Companies don't pay us to include their products although we receive a compensation when you successfully apply to products from our partners. See how we make money here.At GET.com we maintain complete editorial integrity.BP Plc (BP) plans to make a $15 billion capital investment in Oman over a 10-year period to form one of its largest global ventures. The company plans to develop 300 wells over the period for its Block 61 tight gas field development project in Oman. Out of the proposed capital investment plan, the U.K. oil major intends to deploy approximately $10 billion for drilling of wells and the balance for surface facilities. BP also has plans for full field development of a gas processing plant, with 1.2 billion cubic feet per day potential capacity. With regard to this, 330 wells are required comprising 600 kilometer of gathering system for their connection. BP is yet to sign an agreement with the Oman government that would subsequently allow it to submit a field development plan early next year. The company expects to commence its commercial production on the field in late 2016 or early 2017, for which 60 wells are needed. Consequently, BP aims to drill 20 wells a year over the period of 10 years. BP is one of the world's largest energy companies, providing its customers with fuel for transportation, energy for heat and light, retail services and petrochemical products. We believe the company's new strategy of active portfolio management, higher exploration activity, and refining and marketing repositioning will create value for shareholders. Hence, the latest strategy for field development will augment BP’s exploration venture and thereby boost its synergies to regain its position in the industry following the oil spill. The company’s position will be further enhanced by a stronger oil price environment and concentrated upstream portfolio. We see several factors that will be beneficial to BP, including a slow but gradual economic recovery, a deepening focus on upstream ventures through the trimming of downstream operations and increases in oil prices. BP currently holds a Zacks #3 Rank (short-term Hold rating), implying that the stock is expected to perform in line with the broader U.S. equity market over the next one to three months. Royal Dutch Shell (TOT) are the major competitors of BP. We maintain our long-term Neutral recommendation for the company. BP PLC (BP): Free Stock Analysis Report Editorial Disclosure: Any personal views and opinions expressed by the author in this article are the author's own and do not necessarily reflect the viewpoint of GET.com. The editorial content on this page is not provided by any of the companies mentioned, and has not been reviewed, approved or otherwise endorsed by any of these entities. Opinions expressed here are author's alone, not those of the companies mentioned, and have not been reviewed, approved or otherwise endorsed by any of these entities.