Gateway Storage Company Ltd, the developer of the 1.5bn cubic metre salt cavern gas storage facility in the
Petrofac will join Gateway as the technical project operator and will be jointly responsible for developing the project ahead of a Final Investment Decision next year (2011). Petrofac will be represented on the Gateway Board. The company’s investment in Gateway is based on a cash consideration of up to £33million over time, funded from cash resources. This is split into a fixed upfront payment and additional contingent payments subject to key project development milestones being achieved, including the outcome of a further successful equity sales process.
The front end engineering and design (FEED) phase of the project is nearing completion and the focus of Gateway Storage will now turn to project execution and finalisation of the consortium of storage capacity holders and investors. Gateway Storage is targeting 2016 for the commencement of storage services to the
When built, Gateway Storage will be one of the
George Grant, Chairman of Gateway Storage Company Ltd said: “Gateway is the most advanced gas storage project in the
Rob Jewkes, Managing Director, Petrofac Energy Developments commented: “Petrofac is pleased to join with Gateway to progress this strategically important and well advanced storage project. With FEED activities largely complete, we are entering the project at this stage to bring confidence to the investor group that execution and delivery objectives for the complete facilities can be met, and will utilise the full capabilities of our group to optimise the facility design and deliver the project.”
For further information contact:
Gateway Storage Company Ltd (www.gatewaystorage.co.uk)
George Grant, Chairman +44 (0)131 550 3380
Paul Taylor (Taylor Keogh Communications) +44 (0)203 170 8465 / 07966 782611
Petrofac
Tulchan Communications Group Ltd +44 (0)20 7353 4200
James Bradley
David Allchurch
Notes to Editors
Gateway Storage (www.gatewaystorage.co.uk)
Gateway Storage Company Limited plans to build an underground natural gas storage facility in the East Irish Sea, approximately 25 km (15 miles) offshore, south west of
The offshore facility will provide a significant boost to the security of energy supply in the
Gateway Storage is a company that was formed to develop the gas storage project and is managed by Stag Energy. Stag Energy (www.stagenergy.com) is an independent company, headquartered in
Petrofac (www.petrofac.com)
Petrofac is a leading international provider of facilities solutions to the oil & gas production and processing industry, with a diverse customer portfolio including many of the world’s leading integrated, independent and national oil & gas companies. Petrofac is quoted on the London Stock Exchange (symbol: PFC) and is a constituent of the FTSE 100 Index.
The group delivers services through seven business units: Engineering & Construction, Engineering & Construction Ventures, Engineering Services, Offshore Engineering & Operations, Training Services, Production Solutions and Energy Developments.
Through these businesses Petrofac designs and builds oil & gas facilities; operates, maintains and manages facilities and trains personnel; enhances production; and, where it can leverage its service capability, develops and co-invests in upstream and infrastructure projects. Petrofac’s range of services meets its customers’ needs across the full life cycle of oil & gas assets.
With around 12,500 employees, Petrofac operates out of six strategically located operational centres, in Aberdeen, Sharjah, Woking, Chennai, Mumbai and Abu Dhabi and a further 19 offices worldwide. The predominant focus of Petrofac’s business is on the UK Continental Shelf (UKCS), the Middle East and