Thursday, June 02, 2011
Dow Jones Newswires
by Sarah Kent
Planned maintenance on one of the U.K.'s largest gas reservoirs has been completed, but a recent increase in taxes levied on companies operating offshore the U.K. could impact its return to full production, reservoir operator Centrica said in a statement.
While the company is preparing to restart production at its North Morecambe gas field, it said it planned to run its Morecambe South field on a "more intermittent basis" in the future as the increased tax burden meant it had become marginal economically.
"We will continue to monitor the market closely to make production decisions and if it makes more economic sense to buy gas for our customers in the wholesale market we would limit South field production," a Centrica spokesman said.
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