Dana set to double its stake in Cavendish gas field development in the southern North Sea
Offshore staff
LONDON, UK -- Dana Petroleum is acquiring a 25% interest in the Cavendish gas field in the southern North Sea from Gaz de France. The $55 million (£28.4 million) cash offer – subject to government and third party approvals - will increase Dana's working interest in the field from 25% to 50%.
RWE-Dea is developing Cavendish with three production wells drilled from a minimum facilities platform, installed this summer. The field's gas will head through a new pipeline to ConocoPhillips' Murdoch platform, 44 km to the south-east, from where it will travel through the Caister Murdoch System trunkline to Theddlethorpe, UK.
First gas is due out in spring 2007, at a rate of around 100MMcf/d. Production should continue through 2016.
