P. M. BRIEFING : Arco and Mobil Win Approval on North Sea Natural Gas Projects
Atlantic Richfield Co. and Mobil have won approval to separately develop two North Sea natural gas projects worth more than $600 million, the United Kingdom energy minister said today.
U.K. Energy Minister Peter Morrison told the Offshore Technology Conference that Arco will develop the Pickerill field in a project valued at $320 million.
The Pickerill field development will consist of two unmanned platforms linked by pipeline to the Lincolnshire Offshore Gas Gathering System, off the east coast of the U.K. North Sea sector.
Recoverable reserves are estimated to be around 808 billion cubic feet of gas during a field life of 18 years.
In the second project, Mobil plans to export natural gas from the North Sea Beryl field to St. Fergus, Scotland, in 1992.