05/04/2021 | Press release | Distributed by Public on 05/04/2021 02:29
Spirit will remain operator of the Pegasus West licence under the transaction, which is effective from 1 January 2021, until a final investment decision is approved, at which point Neptune will become operator of the development through to first gas and into production. Spirit and Neptune will work closely together on FEED studies in 2021 with the intention to reach a final investment decision within the next 12 months.
Gerry Harrison, EVP, HSES, Subsurface & Non-Operated UK Assets at Spirit Energy, said: 'As a subsea tieback to Cygnus, Pegasus West will be a great example of how we can build on the UK's existing infrastructure, maintain security of supply and reduce our carbon intensity.
'With an estimated 83 billion cubic feet of recoverable gas at Pegasus West, it adds further volumes to the Greater Cygnus Area and we are looking forward to working with Neptune to bring this development through to production.'