EDF takes stake in some North Sea gas fields

0 Comments | AFP, October, 2008

PARIS (AFP) — French electricity giant EDF said on Monday it was to spend 265 million pounds to acquire a majority holding in certain British North Sea gas fields.

Electricite de France said it had signed an agreement with ATP Oil and Gas UK, a subsidiary of ATP Oil and Gas Corporation (ATPG) of the United States, which would give the French group an 80-percent stake in ATPG North Sea gas operations.

The accord covers 68 percent of the Tors zone, which contains two natural gas fields, and 80 percent of the Wenlock field, which has been in operation since December 2007.

EDF said the gas fields in question have reserves of about 3.0 billion cubic meters.

EDF also has an option to buy 20 percent of ATPG up to 2009, under the same conditions, for...