Barclays Corporate Oil and Gas Exceeds 2010 Energy Deal Totals
Barclays Corporate oil and gas team announces it has provided funding for global energy deals amounting to US$1.26billion so far this year. The facilities have been provided for organisations operating in the UK and internationally, comprising bilateral and syndicated debt and trade lines for activities such as mergers and acquisitions as well as corporate funding. The figure has already exceeded the team’s US$1billion total of new deals in 2010. The announcement comes as thousands of delegates from across the world gather in Aberdeen for the biennial Offshore Europe exhibition.
BP & Maersk Oil Approve Front End
BP and its partner, Maersk Oil North Sea UK Limited, announced the approval of FEED (Front End Engineering and Design) for the Harding Area Gas Project. This is the first stage of a development project to allow the production of gas from the Harding area and prolong the life of the field beyond 2015. The project, which comprises a new gas processing platform bridge-linked to the existing Harding platform, will have the potential to process and export gas at rates of up to 400 million standard cubic feet of gas per day (mmscfd). The project would also involve the subsea tie-back of the Devenick field and a gas export pipeline to connect the new gas platform to the existing Brae gas transmission pipeline. The final project approval decision is expected to be made around the end of the year.
