Around £1.4 billion will be invested in this project. 80% of these investments should initially generate around 1200 jobs in the UK.
Contracts worth £375 million have already been signed by GDF-Suez and its partners Centrica and Bayerngas.
The reservoirs are estimated to hold 18 billion cubic metres of gas which should account for up to 5% of the Uk’s Gas Production. The field is situated 150 km off the coast of Lincolnshire with the planned export route through the ETS pipeline system to the Bacton gas terminal in North Norfolk.
The Cygnus field consists of two drilling centres, four platforms and ten development wells.
Marathon Oil first discovered the well in 1989 but didn’t think much of it as it looked small, with a poor reservoir and no local infrastructure. It’s only when GDF-Suez acquired its license in 2002 that it started to drill appraisal wells, making one of the most exciting discoveries in the Southern Gas Basin in 25 years putting the spotlight on the North Sea as a valuable and prosperous place of investment for years to come.