It’s a gas

In a £200 million deal, Tullow Oil is to purchase Shell and Esso’s interests in the Schooner and Ketch gas fields and the surrounding acreage in the Southern North Sea.

The two fields have been in production since 1996 and 1999, respectively, and currently produce approximately 60 mmscfd of gas, which is transported to the Theddlethorpe terminal via the Caister-Murdoch System (CMS) infrastructure in which Tullow has a 17% interest.

The gas initially in place for the Schooner and Ketch fields is in excess of 1,500 bcf of which only 350 bcf has so far been recovered.

On completion of the deal, Tullow plans to substantially increase production levels from the fields by working over and sidetracking existing wells and drilling new wells to access previously undrained compartments in the fields.

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