TEXACO SECURES APPROVAL FOR DEVELOPMENT OF NORTH SEA ERSKINE FIELD.WHITE PLAINS, N.Y.--(BUSINESS WIRE)--May 9--Texaco announced today that its joint venture with British Petroleum (BP) for development of the Erskine Field in the U.K. North Sea has received approval from the U.K. Department of Trade and Industry The Department of Trade and Industry was a United Kingdom government department which was disbanded with the announcement of the creation of the Department for Business, Enterprise and Regulatory Reform on 28 June 2007[1]. (DTI Diffusion tensor imaging (DTI) A refinement of magnetic resonance imaging that allows the doctor to measure the flow of water and track the pathways of white matter in the brain. ). The approval allows Texaco and BP to award construction contracts for development of the field, which has estimated recoverable reserves of more than 330 billion cubic feet of gas and 75 million barrels of condensate. Costs to develop the field are expected to reach some $465 million (290 million Pounds Sterling) for the construction and procurement of facilities and the drilling and completion of six wells. Production is anticipated to commence in late 1997. Commenting on the approval, Robert A. Solberg, Vice President of Texaco Inc. and Chairman of Texaco Ltd., said: "Erskine will be an innovative venture: the first high-pressure/high-temperaturegas field to be initiated in the North Sea, using technology which Texaco has extensive with in the Gulf of Mexico Noun 1. Gulf of Mexico - an arm of the Atlantic to the south of the United States and to the east of Mexico Golfo de Mexico Atlantic, Atlantic Ocean - the 2nd largest ocean; separates North and South America on the west from Europe and Africa on the east . "Following approval in February this year for the development of the Captain Field, coupled with the proven success of the Strathspey strath·spey n. 1. A Scottish dance, slower than a reel, for two dancers. 2. The music for this dance. [After Strath Spey, valley of the river Spey in Scotland. project, the Erskine Field enhances Texaco's commitment to bringing innovative technology and enhancing the value of its extensive North Sea operations," he added. Located 160 miles east of Aberdeen at a water depth of nearly 300 feet in the Central Graben, the Erskine Field, which straddles Blocks 23/26b and 23/26a, will be unitized and developed as a 50-50 joint venture, with Texaco as the operator. The gas lies in Jurassic sandstones at a depth of 15,000 feet and has a bottom-hole pressure of 14,000 psi and a temperature of 350 degrees Fahrenheit. Fred Gibson Fred Gibson (born October 26, 1981 in Waycross, Georgia), is an American football wide receiver currently with the St. Louis Rams. He attended University of Georgia. He was originally drafted by the Pittsburgh Steelers in the fourth round of the 2005 NFL Draft. , manager of the Erskine project, said: "The key to the success of this project has been the open and professional teamwork, between Texaco, BP and Amoco, which will provide platform control. There will be great interest in monitoring the success of our high-pressure/high-temperaturetechnology used in the Erskine Field. The Erskine project will establish the benchmark for future development and use of this technology in the region." Produced gas and liquids from the Erskine Field will be piped, unprocessed, via a 16 inch multi-phase pipeline, to the Amoco- operated Lomond platform, 19 miles to the north, for separation and export. Liquids will then be exported via BP's Forties pipeline system The Forties pipeline system is a pre-eminent pipeline network in the North Sea carrying some 40% of the UK's oil to shore. It is fully owned and operated by BP, who retained the asset after selling off the Forties oilfield to Apache Corp. in 2003. to Cruden Bay Cruden Bay (Scottish Gaelic: Inbhir Chruidein) is a village in Scotland, on the north coast of the Bay of Cruden in Aberdeenshire.[1] Just south of Slains Castle, Cruden Bay was the site of a battle between Danes and Scots , under King Máel Coluim mac , north of Aberdeen. Gas will be transported through Amoco's CATS riser and on through the CATS pipeline to Teesside. -0- NOTE TO EDITORS: Map, schematic of field production and field facts available upon request. CONTACT: David Dickson David Dickson may refer to
Jim Reisler, 914/253-4389 |
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