Crawford on course for sanction

Work on Fairfield Energy's Crawford field re-development in the UK North Sea is nearing completion, according to partner Stratic Energy.

Offshore staff

LONDON --Work on Fairfield Energy's Crawford field re-development in the UK North Sea is nearing completion, according to partner Stratic Energy. A plan should be submitted to the UK government this summer for sanction later this year, assuming funding can be secured.

Stratic has also participated in two successful appraisal wells on the Breagh field, which it claims is the UK's largest dry gas find of the past decade. However, due to current difficulties in raising project finance, the partnership, led by Canada's Sterling Resources, has agreed to sell a 70% stake to a larger company able to bear the anticipated $1 billion-plus development costs.

In the Dutch offshore sector, Stratic has elected not to proceed with development of the small Horizon West oil field. It was concerned by the costs associated with drilling a single long-reach well – instead it will examine alternative schemes involving two conventional, lower-risk wells.

04/30/2009

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