Gaz de France Increases UK Portfolio

Gaz de France is in the process of acquiring CalEnergy Gas UK which holds shares in four UK North Sea producing fields. The acquisition is subject to approval of authorities. It would allow Gaz de France to boost its reserves by 65% and double its production capacity to approximately 400 million cubic meters per year.

CalEnergy Gas UK is owned by MidAmerican Energy Holdings Co. and holds southern UK North Sea interests in Anglia, for which Gaz de France said it will become operator, Johnson, Schooner and Windermere. It also holds stakes in three exploration permits, and four fields currently being studied for development. Gaz de France says its goal is to own sufficient reserves by 2003 so as to allow it to produce at least 15% of its gas needs.