Bayerngas UK Ltd (BGUK), a wholly-owned subsidiary of Bayerngas Norge AS has entered into separate agreements relating to two important gas developments, both located in the UK Southern North Sea.

Under the first agreement, Bayerngas North Sea Ltd, a BGUK subsidiary, will acquire a 25% interest in the "Clipper South" project from Fairfield Energy. Fairfield retains a 25% interest and RWE Dea remains as Operator with a 50% interest.

Under the second agreement, Bayerngas E & P Ltd, also a subsidiary of BGUK, will acquire Endeavour Energy’s 12.5% interest in the "Cygnus" project where the partners are GDF Suez (38.75%, Operator) and Venture North Sea (48.75%).

These two transactions are significant to the Bayerngas Norge Group. In combination, the two projects will represent peak production of around 0.5 billion cubic metres of gas per annum, net to BGUK, or the equivalent of over 8,000 barrels of oil per day. This fits at the lower end of Bayerngas’ strategic ambition in the UK, but nevertheless it is an excellent foundation on which to build additional growth through exploration and development projects.

Tags: Bayerngas Norge AS