GDF SUEZ as operator with partners Centrica and Bayerngas have announced sanctioning of the £1.4 billion Cygnus project to develop the sixth largest gas field in the UK Southern North Sea. GDF SUEZ (38.75%) will operate the field with partners Centrica (48.75%) and Bayerngas (12.5%).
Initial contracts worth £375 million were signed today (Monday 6 August) by GDF SUEZ on behalf of the partnership to kick start the project. The majority of this (£337m) will be invested directly in the UK generating an initial 1,200 jobs.
In total around £1.4 billion will be invested in the Cygnus project, 80% of which is expected to be awarded to UK-based companies creating 4,000 direct and indirect jobs over the next four years during the construction phase.