facebook
twitter
rss
account
search
search
 

RWE Dea to work North Sea Handcross area

March 29, 2013 at 5:36 AM   |   Comments

LONDON, March 29 (UPI) -- Farming into the Handcross prospect in the British waters of the North Sea means access to 115 million barrels of oil equivalent, RWE Dea said.

The German energy company announced it acquired a 20 percent stake in two license areas within the Handcross project from Valiant Causeway, which stays on as operator.

Regional Managing Director Rene Pawel said the acquisition lays a solid foundation for his company's position in the British energy sector.

"The farm-in to Handcross consolidates our acreage position in the U.K. and is another important step in the RWE Dea strategy to grow the U.K. business via exploration drilling," he said in a statement.

The company in 2012 achieved first gas from its Clipper South well in the region's waters. Production there is expected to reach 98.8 million cubic feet.

The British government last year raised taxes on profits from oil and gas production by 12 percent to 32 percent. Officials at the Germany energy company said the increase wasn't helpful but maintained existing development plans.

© 2013 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Most Popular
1
Navy tests MQ-8C unmanned helos Navy tests MQ-8C unmanned helos
2
Europe must drop the euro, Germany abandon mercantilism Europe must drop the euro, Germany abandon mercantilism
3
Harris selected for geospatial data products Harris selected for geospatial data products
4
Sweden plans to replace its Defense and Security Export Agency Sweden plans to replace its Defense and Security Export Agency
5
Throwback Thursday: Facebook launches old-school 'Rooms' app Throwback Thursday: Facebook launches old-school 'Rooms' app
Trending News
Around the Web
x
Feedback