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Sunday, 21 September 2014

Owners of Barrow gas terminal issues preliminary results

GAS production in the Morecambe Bay gas field will be extended beyond 2020.

Centrica revealed in its preliminary results that the discovery of large amounts of gas in the Rhyl North exploration area mean up to 400 jobs across Morecambe Bay will be secured.

The firm revealed its oil and gas profitability has increased by 20 per cent to £919m – the result of higher production volumes and higher achieved prices.

While production of gas and liquids increased by 18 per cent to 56.7m barrels of oil equivalent, compared to 48.2mmboe in 2011.

Further afield construction in the North Sea has secured 4,000 jobs while the company invested £2.7bn in 2012.

Mike Astell, Regional Director EIS - CEU, said: “Centrica Energy has seen another successful year, in particular in the East Irish Sea where we have been carrying out the first development activity in over a decade.

“With Rhyl due to come on stream in the coming weeks we are extending production from Morecambe Bay past 2020, meaning that we can secure more gas for the UK as well as 400 jobs in the local area.

"At the same time we are continuing to invest in our Barrow terminals.

“As we move into a new phase of operations in the East Irish Sea, we will continue to invest in people, demonstrating our commitment to local community while ensuring our business is equipped with the next generation of innovators, leaders and engineers.” 

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