Printer Friendly

SECOND SALE OF BRAE GAS AGREED

 SECOND SALE OF BRAE GAS AGREED
 HOUSTON, Sept. 16 /PRNewswire/ -- Marathon Oil Company (NYSE: MRO)


announced today that five members of the Brae Group have reached agreement with National Power PLC for the sale of a second tranche of gas from the Brae fields in the United Kingdom sector of the North Sea.
 The quantity of gas involved is 50 million cubic feet per day over a 15-year delivery period, with first delivery to commence in the second half of 1994. This represents an additional sale of over 250 billion cubic feet of Brae fields gas reserves.
 The five Brae sellers and the proportions of gas sold are: Marathon Oil U.K., Ltd. (a subsidiary of USX Corporation (NYSE: X) and Brae Fields Operator) 71.7 percent; British Gas Exploration and Production Limited 13.3 percent; LL&E (U.K.) Inc. 10.8 percent; Sovereign Oil & Gas PLC (a subsidiary of Neste Production Ltd.) 2.8 percent; and British-Borneo Oil & Gas Limited 1.4 percent.
 The sources of gas for delivery under the contract will be from the Brae Fields in the U.K. North Sea. The gas will be delivered to National Power PLC at St. Fergus in Scotland via the SAGE gas transportation system. The Brae Group has a 50 percent ownership interest in the SAGE system in a joint venture with Mobil and the Beryl Group. This provides the Brae Group with, nominally, 575 million cubic feet per day of capacity in the system.
 This natural gas sale complements the first tranche sale, announced in November 1991, of 800 billion cubic feet to British Gas plc, also scheduled to begin in the second half of 1994.
 -0- 9/16/92
 /CONTACT: William P. Ryder of USX Corporation, 713-296-3915/
 (MRO X) CO: Marathon Oil Company; Brae Group; National Power PLC; USX
 Corporation ST: Pennsylvania IN: OIL SU:


CD -- PG007 -- 0102 09/16/92 12:15 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Sep 16, 1992
Words:318
Previous Article:ENVIRONMENTAL DIAGNOSTICS, INC. TRADES ON AMERICAN STOCK EXCHANGE EMERGING COMPANY MARKETPLACE
Next Article:SCEcorp AND SOUTHERN CALIFORNIA EDISON SETTLE LAWSUIT WITH TUCSON ELECTRIC POWER CO.
Topics:


Related Articles
USX-MARATHON GROUP 1994 CAPITAL, INVESTMENT & EXPLORATION BUDGET SET AT $895 MILLION
KERR-McGEE REPORTS HIGHER OPERATING PROFIT, LOWER NET INCOME
SNYDER OIL RETURNS TO PROFITABILITY
Marathon Group Cites Performance
Marathon seeks interest in 420-mile dry gas pipeline in North Sea. (Offshore Review).
CSOL to begin work in Northern North Sea. (Projects).
Symphony pipeline. (Offshore Review).
Apache to supply gas for Western Australian iron project.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters