French energy group Total said it had started up production of the Culzean Field in the North Sea, adding that the project had been delivered ahead of schedule and under budget.
Culzean will account for about 5% of Britain’s gas consumption, bringing to 18% the proportion of the country’s gas demand supplied by Total.
Total has a 49.99% stake in Culzean, while BP has 32% and JX Nippon has 18%.
“The Culzean project is delivered ahead of schedule and more than 10% below the initial budget, which represents capex savings of more than $500 million. This has been achieved thanks to the excellent performance of the project teams in charge of the construction and drilling operations,” said Arnaud Breuillac, president of E&P at Total.
Total’s shares were up 0.5% in early session trading.
“For the French major, production from Culzean will play a big part in it being the biggest U.K. gas producer for the foreseeable future,” Wood Mackenzie research associate Glenn Morrall said.
“The U.K. continues to deliver for Total, with the Culzean news following on from recent exploration success as an operator at Glendronach and partner at Glengorm,” he added.
Recommended Reading
Canadian Natural Resources Boosting Production in Oil Sands
2024-03-04 - Canadian Natural Resources will increase its quarterly dividend following record production volumes in the quarter.
OGInterview: Building EIV Capital’s Midstream Investment Strategy
2024-05-01 - Midstream-focused EIV Capital has added non-operated assets and transition projects to its portfolio as a sign of the times.
TotalEnergies to Invest $400MM in LPG
2024-05-14 - TotalEnergies is investing more than $400 million into LPG to provide more than 100 million people in Africa and Asia access to clean cooking methods by 2030.
Equitrans Midstream Announces Quarterly Dividends
2024-04-23 - Equitrans' dividends will be paid on May 15 to all applicable ETRN shareholders of record at the close of business on May 7.
CorEnergy Infrastructure to Reorganize in Pre-packaged Bankruptcy
2024-02-26 - CorEnergy, coming off a January sale of its MoGas and Omega pipeline and gathering systems, filed for bankruptcy protect after reaching an agreement with most of its debtors.