LONDON – E.ON E&P UK has agreed to acquire a 25% stake in the Austen (ex-Jacqui) discovery in the UK central North Sea.
GDF Suez E&P UK will retain a 75% interest and operatorship of the planned development. The deal remains subject to Department of Energy and Climate Change (DECC) approval, but is expected to accelerate development of Austen in block 30/13b, license P.1823.
The agreement follows successful appraisal drilling by theGalaxy II rig last year. Austen comprises one gas condensate and two oil discoveries, with upside potential in various unappraised compartments.
The new partnership will work on concept selection and examine development and export options.