Centrica’s new North Sea gas find

SCOTTISH Gas-owner Centrica has made a new gas discovery in the southern North Sea in a move which could help secure energy supplies for the UK.

Well tests at its Pegasus West discovery, which the group has a 55 per cent interest in, have led to what the firm described as “very positive results” indicating a flow rate of more than 90 million standard cubic feet of gas per day.

The Pegasus area is 150km east of Teesside, close to the large Cygnus gas development where it has a significant existing interest. Centrica Energy is the UK’s top gas producer and already ­operates several fields in the North Sea.

Colette Cohen, senior vice-president for the UK and the Netherlands, said: “As we continue to find and secure gas supplies for the UK, new discoveries like Pegasus prove there are many years left in the North Sea oil and gas industry and we are determined to play our part in maximising its potential.”
The Pegasus West well will now be suspended while data is assessed and a decision made on development. The other partners in Pegasus are Third Energy and Atlantic Petroleum.

• Edinburgh-based explorer Bowleven yesterday reported losses for the year to 30 June widened to $13.6 million (£8.6m) from $11.1m the year before. Earlier this year it agreed to farm-out two-thirds of its Etinde interest off Cameroon to Lukoil and NewAge for around $250m.

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