British Gas and Mobil announce gas contract agreement.FAIRFAX, Va.--(BUSINESS WIRE)--Dec. 23, 1996--British Gas plc and Mobil North Sea Limited today announced that they had renegotiated their "take or pay" North Sea gas contracts. As a result of this new agreement, Centrica, through its subsidiary British Gas British Gas is the name of several companies
In consideration for this agreement, British Gas plc This page is about the former gas monopoly in the United Kingdom for information about the successor companies please see Centrica, BG Group and Transco. British Gas plc was formerly the monopoly gas supplier in the United Kingdom. will, subject to normal regulatory approval, transfer to Mobil North Sea Limited producing and transportation assets in and around the Beryl beryl (bĕr`ĭl), mineral, a silicate of beryllium and aluminum, Be3Al2Si6O18, extremely hard, occurring in hexagonal crystals that may be of enormous size and are usually white, yellow, green, blue, Field. These assets, complementing Mobil's core North Sea interests, comprise 5 percent interest in the Beryl Field, 29.5 percent of Block 9/12a in the Nevis Field and 2.5 percent of the Scottish Area Gas Evacuation (SAGE) system. In all, these assets will provide Mobil with an additional 27 million barrels of oil equivalent in reserves and increased daily oil and gas production of approximately 9,000 barrels of oil equivalent. Taken together with other contract re-negotiations, British Gas Trading has reduced its price and volume commitments on 26 billion therms. Commenting on this deal, Roy Gardner Roy Gardner may refer to:
tr.v. des·ig·nat·ed, des·ig·nat·ing, des·ig·nates 1. To indicate or specify; point out. 2. To give a name or title to; characterize. 3. of Centrica said, "This agreement with Mobil represents another important success in the renegotiation of our North Sea gas purchase contracts. I am delighted that, together with deals we have already done and announced, our overall 'take or pay' problem is significantly reduced. Speaking for Mobil, John Cousins, Chairman of Mobil North Sea Limited, said, "This is an agreement that benefits both parties as well as the UK gas industry as a whole. It gives Mobil increased oil and gas reserves and production in our core Beryl area. At the same time, it frees up gas enabling us to meet the needs of our expanding customer base." -0- NOTES TO EDITORS: Mobil is operator and currently owns 45 percent of the Beryl Field, which has been producing oil since 1976. Mobil has been producing natural gas in the UK sector since 1988. The company also operates and currently owns 22.5 percent of the SAGE system, which has the capacity to process 20 percent of Britian's gas requirements. Centrica will be the new publicly limited company to be created by the proposed demerger demerger n (Comm) → Abspaltung f, Demerger m of British Gas plc, which will take place, subject to shareholder approval, in February 1997. With 19 million customers, Centrica will be a major provider of energy and energy-related services in Great Britian. CONTACT: Mobil Lloyd Slater slat·er n. 1. One employed to lay slate surfaces, as on roofs. 2. See pill bug. 3. See sow bug. Noun 1. +44 171 412 4458 David Bailey David Bailey may refer to:
David Dickson David Dickson may refer to
or British Gas Rob Leonard +44 171 269 4928 Kenneth Gardner +44 171 269 4103 Gillian Home +44 171 269 4872/4897/4853 or Centrica Simon Lewis +44 171 269 4938 |
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