LONDON, Jun 03, 2005 (Dow Jones Commodities News via Comtex)
Centrica (CNA.LN) will drill a new well in one of its vital Morcambe Bay natural gas fields, located in the East Irish Sea, to maximize recovery from its gas reserves, a company spokesman said Friday.
Centrica will begin an 80-100 day drilling program in its South Morecambe field later this month. "The...drilling project will tap into less accessible parts of the South Morecambe reservoir where gas recovery has been limited by the absence of production wells," said John Shears, director of upstream production and development at Centrica.
"We also anticipate that the project could provide some upside in potentially adding a small amount of additional reserves to our portfolio," he added.
The drilling isn't expected to affect production, said the spokesman.
The company didn't release any drilling costs, but will inform investors closer to its next trading update.
The Morecambe operation is currently capable of supplying about 48 million cubic meters of gas every day and has 30 wells across the entire operation.
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