Interest swap boosts subsea projects

UK independent Dana Petroleum has agreed to acquire a 27.78% interest in the producing Johnston gas field in the UK North Sea, operated by Caledonia EU, and the associated blocks 43/27a and 43/26a.


UK independent Dana Petroleum has agreed to acquire a 27.78% interest in the producing Johnston gas field in the UK North Sea, operated by Caledonia EU, and the associated blocks 43/27a and 43/26a. In exchange, Dana will transfer 30% of its interests in blocks 23/16d, 23/17, and 23/16c, the latter containing the recent gas discovery Barbara. The transaction should add 37 bcf to Dana's gas reserves.

Since 1994, Johnston's gas has been sent for processing to BP's Ravenspurn North central platform via three subsea wells connected to a 9.6-km pipeline. The jackupNoble Julie Robertson is due to drill a fourth producer next spring, which should increase current production by 50% to 90 MMcf/d. Another location has been identified for a further producer in the main area of the field, which could be drilled in 2006. Barbara is set for appraisal drilling next year. If successful, the field could be developed through the Everest or ETAP infrastructure.

11/24/04

More in Home