FIELD ACTIVITIES / PanCanadian Petroleum Gas Field Plan Approved
CALGARY, Dec. 29 /CNW/ - A development plan for the North Sea's Waveney
gas field submitted by PanCanadian Petroleum Limited and its partner, ARCO
British Limited, has been approved by the United Kingdom Department of Trade
and Industry.
''This is a significant milestone in building our international
production portfolio,'' said Paul Ellis, PanCanadian's Group Vice President,
International. ''The Waveney field will come onstream in less than a year,
giving PanCanadian its first production outside North America.''
Discovered in March 1996, Waveney holds estimated recoverable reserves of
84 billion cubic feet of natural gas and is scheduled to start producing in
October 1998. The field will be developed with a minimal facilities platform
connected to Mobil's Lancelot pipeline system 8.2 kilometres to the east.
Waveney's gas will be shipped for processing to Phillips Petroleum's Bacton
terminal on the English coast.
ARCO British Limited is the field operator and owns 85.71 per cent of
Waveney. PanCanadian holds the remaining 14.29 per cent of the field.
The Waveney gas field lies in the North Sea P780 licence covering blocks
48/16c and 48/17c in the Southern Gas Basin offshore. The water depth is 27
metres and the field is located about 250 kilometres northeast of London.
Recently, PanCanadian and its partner increased their interests in the Waveney
field by acquiring Oryx UK Energy's 12.5 per cent interest in the P780
licence.
PanCanadian entered the North Sea in 1996 through a farm-in to a
portfolio of exploration interests held by Oryx UK Energy. Several
discoveries have been made on this acreage and the Waveney discovery is the
first to be declared commercial and to be developed.
PanCanadian also farmed-in to the Marathon-operated block 22/22c in the
Central North Sea in November 1996 and participated in an oil discovery
earlier this year. PanCanadian holds a 20 per cent interest in that find and
the joint venture expects to drill an appraisal well in 1998.
PanCanadian is one of Canada's largest producers and marketers of crude
oil, natural gas and natural gas liquids. Its extensive exploration and
production activities stretch from coast-to-coast in Canada and include
interests in the Gulf of Mexico, the United Kingdom, Australia, Africa and
Venezuela.
PanCanadian Petroleum Limited
Paul Ellis
Group Vice President International
PanCanadian Petroleum Limited
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