Ramco To Sell Seven Heads Gas by Year-End 2003
|Tuesday, April 23, 2002
Ramco Energy said it is expecting that the Seven Heads gas field offshore Ireland could be producing gas for sale by the second half of 2003. The company announced a successful appraisal well back in October of last year. The well tested at 13.7 mmscf/d of gas, a flow rate higher than that reported by any of the earlier wells drilled into the structure. Steve Remp, chairman, said engineering work confirmed two "economically feasible" options for producing the Seven Heads gas reserves. The gas would be sent either through Marathon's nearby Kinsale Head facilities, or through a separate pipeline to shore to connect to the distribution system. Ramco recently reached outline commercial terms with Marathon and are working to complete legally binding agreements which will allow Seven Heads gas production to be produced through their Kinsale Head facilities. Subject to concluding formal agreements with Marathon the Seven Heads partners expect to make a decision on the commerciality of the Seven Heads gas field in the near future. An application to the Minister for the Marine and Natural Resources for a Petroleum Lease would follow and, subject to approval, a development plan for the gas field would then be submitted to the Minister for his consideration. Gas from the field could then reach the market before the end of 2003.