UK Government Approves Development of Two Exxon/Shell North Sea Gas Fields

abarrelfullabarrelfull wrote on 03 May 2013 07:51

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Feb. 9th 1997

Exxon Corporation, (NYSE: XON) today announced that the Department of Trade and Industry in the United Kingdom has approved plans for the development of the Ketch and Corvette gas fields in the southern North Sea.

Exxon's U.K. affiliate, Esso Exploration and Production U.K. Ltd., holds a 50 percent interest in Ketch and a 43.5 percent interest in Corvette. Shell Expro U.K. owns the remaining interest and is the operator.

The two fields, which are estimated to contain total recoverable gas reserves of about 590 Bscf (billion standard cubic feet), will be developed at a total estimated cost of about $380 million (#233 million). When fully developed, Ketch and Corvette are expected to achieve a combined peak gas flow of about 450 mcf/d.

Ketch, discovered in 1984, is located on Block 44/28b, 106 miles (170 km) east of the South Yorkshire coast and about 12 miles (20 km) east of Esso and Shell's Schooner field. Corvette, discovered in 1996, is located on Block 49/24a, 56 miles (90 km) northeast of Bacton and about 5 miles (8 km) from Esso and Shell's Indefatigable Field.

Both fields will be developed using remotely controlled platforms that will be connected to existing pipeline and processing facilities. Gas production from the fields will be marketed separately by Esso and Shell.

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