Centrica Acquires Caythorpe Gas Storage From Warwick Energy
Posted on: Monday, 22 September 2008, 09:00 CDT
Centrica, the parent company of British Gas, has acquired Caythorpe Gas Storage from Warwick Energy for GBP70 million in cash.
Caythorpe Gas Storage Limited owns the onshore Caythorpe gas producing field near Bridlington in east Yorkshire, which is a substantially depleted onshore gas field located close to the National Transmission System.
Caythorpe has planning permission for conversion to an onshore gas storage facility with a capacity of up to 7.5 billion cubic feet of gas. The project would require additional capital investment of around GBP100 million and could be operational by the 2011-12 winter.
Sam Laidlaw, CEO of Centrica, said: "With the UK rapidly becoming more dependent on imported gas, increasing the country's gas storage capacity is an essential element in giving our customers security of supply. Caythorpe adds to Centrica's existing investment program, giving us more flexibility in our storage portfolio with its faster injection and withdrawal rates."
Source: Datamonitor
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