GE Selected for Centrica's Projects in N. Sea, Irish Sea

- GE Selected for Centrica's Projects in N. Sea, Irish Sea

Wednesday, September 07, 2011
GE O&G

GE O&G has signed contracts totaling more than $15 million to provide subsea systems to Centrica Energy Upstream of Aberdeen for use in projects in the North Sea and the Irish Sea.

GE reported at Offshore Europe 2011 that it will supply four shallow water vertical tree (SVXT) subsea tree systems for fields in the U.K. Southern North Sea gas basin and the East Irish Sea, and one MVXT system for use in the U.K. Central North Sea.

"The SVXT systems incorporate GE's latest design for shallow water applications and offer new, innovative features to meet Centrica Energy's specific requirements," said Matt Corbin, regional leader—United Kingdom and continental Europe for GE Oil & Gas. "The SVXT tree system is smaller and lighter than any traditional shallow water systems on the market and also offers the lowest installed cost."

The SVXT subsea tree merges horizontal and vertical tree technology, reducing weight by 20 percent, decreasing height and also delivering essential functionality in a pre-engineered, pre-configured modular style. Low-cost installation is achieved through a design that enables deployment using standard offshore jack-up drilling rigs without the need for major modifications.

The MVXT Tree System will be deployed in the Central North Sea and is a standard structured M-Series Vertical Subsea Tree, Nominal 18-3/4" - 5" x 2" 10K system.

"Centrica is at the forefront of developing marginal fields by using new and innovative approaches. The right technology is key to ensuring the economic viability of these fields so we're delighted to be working with GE on its new subsea tree technology," said Greg McKenna, commercial director for Centrica Energy Upstream.

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Centrica Spins Bit at N. Sea Butch Prospect

- Centrica Spins Bit at N. Sea Butch Prospect

Monday, August 15, 2011
Faroe Petroleum plc

Faroe Petroleum announced that drilling has commenced on the Butch prospect (Faroe 15%) located in the Norwegian North Sea.

The Butch prospect (block 8/10) is situated in the Norwegian North Sea, some seven kilometers east of the Ula field, 10 kilometers north east of the Tambar field and some 20 kilometers north of the Gyda field. The prospect is a stratigraphic pinch-out trap resting on the side of a salt dome and the primary target is the upper Jurassic Ula Formation which is the producing reservoir in the Ula, Tambar and Gyda fields.

The drilling operation, to be undertaken by Centrica as operator using the Maersk Guardian drilling rig, is expected to be completed in 4Q 2011.

Licenses PL405 and 405BS containing the Butch prospect were awarded to the Company in the APA 2006 licensing round. The other equity holders in these licenses are Centrica 40% (operator), Suncor ASA 30%, Spring Energy Norway AS 15%. In March 2009 the Company assigned a 15% interest in these licenses to Spring Energy in return for a partial carry on the well.

Graham Stewart, Chief Executive of Faroe Petroleum, commented, "We are pleased to announce the spudding of the first of our three near term Norwegian exploration wells, part of our fully funded drilling program. The Butch prospect offers an exciting opportunity to test a good prospect in the Jurassic Ula Formation, which has proved so successful in the nearby Ula, Tambar and Gyda fields .

"Elsewhere in our portfolio, drilling is also ongoing on the Fulla prospect West of Shetland, which is our first operated well, and for which results are expected to be announced later this month."

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Centrica: Tax Burden to Impact Production at Morecambe South

- Centrica: Tax Burden to Impact Production at Morecambe South

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.

Copyright (c) 2011 Dow Jones & Company, Inc.

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Centrica Increases Canadian Gas Assets with Wildcat Hills Acquisition

Centrica Increases Canadian Gas Assets with Wildcat Hills Acquisition

Friday, April 01, 2011
Centrica plc

Centrica announced that its North American subsidiary, Direct Energy, has acquired further natural gas assets located in the Wildcat Hills region of Alberta, from Shell Canada Energy for C$47m (£30m) in cash. The acquisition will give Direct Energy a 100% working interest in certain Wildcat Hills assets and gas processing facilities, which it has operated since October 2010.

It will provide Direct Energy with an additional 45 billion cubic feet equivalent (bcfe) of proven and probable natural gas reserves and an incremental 10 million cubic feet per day (mmcfe) of natural gas production. Following the transaction the company will be able to meet approximately 35% of its enlarged customer gas demand from its own resources and the transaction will lower overall production costs as no additional field or office staffing will be required.

The acquisition marks the latest stage in Direct Energy's strategy of creating a more integrated North American business, with leading positions in deregulated markets. In 2010, as well as acquiring an operated interest in the Wildcat Hills assets, the company established itself as a leading player in the North American home services market with the acquisition of Clockwork Home Services. In March 2011, Direct Energy agreed to buy the New York-based gas and power retailer Gateway Energy Services, adding another 275,000 customer accounts in the US Northeast.

Chris Weston, President and CEO of Direct Energy said, "We are very pleased to have acquired an enlarged interest in the Wildcat Hills region. Growing our upstream business is important in ensuring that we remain a stable, long-term partner to the millions of residential and business customers we serve across North America. We will continue to explore opportunities in both gas and power, to enhance the scale of the business and to support Direct Energy's expanding retail businesses."