Cygnus gas project sanctioned

摘要

GDF Suez (operator, 38.75%), Centrica (48.75%) and Bayerngas (12.5%) have announced sanctioning of the ￡1.4bn Cygnus project to develop what is the sixth largest gas field in the UK southern North Sea. Initial contracts worth ￡375mn have been signed to kick-start the project. The majority of this (￡337mn) will be invested directly in the UK, generating an initial 1,200 jobs. Some ￡1.4bn will be invested in total in the Cygnus project, 80% of which is expected to be awarded to UK-based companies, creating 4,000 direct and indirect jobs over the next four years during the construction phase.