GDF Suez UK Confirms Success of Gas Discovery in Cragganmore

GDF Suez E&P UK confirmed that the Cragganmore exploration well in the West of Shetlands was a ‘successful gas discovery,’ adding that the company is assessing viability in order to determine further activity.

“The West of Shetlands is one of GDF Suez E&P UK’s three core growth areas in the UK Continental Shelf, together with the Southern North Sea and the Central North Sea,” commented managing director Jean-Claude Perdigues, pointing out that the area holds an estimated 17% of the UK’s remaining hydrocarbon resources. 

“We want to become a leading exploration company … in the region,” explained Perdigues in a note released on Wednesday.

GDF Suez E&P UK and Dana Petroleum hold each 30% of the licence. DONG Energy is the operator with 40% equity.

“We now need to look at the Cragganmore discovery to decide how viable it is. The exploration and development of the West of Shetlands region is all part of DONG Energy’s overall strategy to double our oil and gas production across our entire footprint by 2020,” echoed Brent Cheshire, head of UK E&P at DONG Energy, in a note recently released.