Kerr-McGee announces approval of Skene field development project

Jul 13, 2000 02:00 AM

Kerr-McGee Gryphon, a wholly owned subsidiary of Kerr-McGee, announced that approval to proceed with a $ 400 mm gas development project in the Skene field in the North Sea was received from the United Kingdom's Department of Trade and Industry. Kerr-McGee is a partner in the joint venture and holds a 33.33 % interest.
Skene is a gas condensate field located on Block 9/19 in approximately 380 feet of water. Production is expected to begin by early 2002. The field is expected to produce up to 180 mm cfpd of gas and 25,000 bpd of associated liquids. Recoverable reserves are estimated at 95 mm barrels of oil equivalent. "The Skene development is another example of the value created through the acquisition of Repsol's upstream United Kingdom North Sea operations earlier this year," said Luke Corbett, Kerr-McGee chairman and CEO.

"The UK sector of the North Sea is an integral part of our exploration and production activities. We will continue to focus on exploratory and development opportunities in the Quad 9 core area, which also includes the Kerr-McGee-operated Gryphon field and the recent Leadon discovery." The field is operated by Mobil North Sea, a subsidiary of ExxonMobil, with 38.22 % interest. In addition to Kerr-McGee, partners are Enterprise Oil plc, 15.89 % interest; Amerada Hess, 9.07 % interest; and OMV (UK), 3.49 % interest.
The Skene field will be developed using a sub-sea manifold, which will be tied back by bundled pipeline to Mobil's existing Beryl Alpha platform approximately 9 miles away. Gas will be exported through the Scottish Area Gas Evacuation (SAGE) pipeline and processed at the St. Fergus, Scotland, terminal. The oil and condensate will be combined with Beryl crude and exported by tanker to various oil terminals onshore.

Kerr-McGee is an Oklahoma City-based energy and chemical company with world-wide operations and assets of approximately $ 7 bn.

Source: Kerr-McGee Corp.
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