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Siemens Support MFDevCo in Development of Marginal Gas Fields

Source: 2/12/2019, Location: Europe

Further to the announcement on the 25 January 2019, the Company is pleased to announce that Marginal Field Development Company ("MFDevCo"), the Company's 50%-owned joint venture, has entered into a collaboration agreement with Siemens' Dresser-Rand business ("Siemens"). Siemens becomes the second company, following Marnavi Offshore ("Marnavi"), to join MFDevCo's gas to wire initiative, which forms a part of MFDevCo's overall strategy to maximise the recovery and value of resources within fields currently considered stranded or marginal. Siemens, a world-renowned digital pioneer that focuses on electrification and automation, brings key capabilities and experience to this initiative, as well as the market position required to assist MFDevCo in capitalising on its gas to wire opportunities.

Siemens supplies technical expertise and equipment to various industries worldwide, and its tried and tested systems are a critical component in the delivery and operation of MFDevCo's gas to wire facilities. Siemens has extensive experience in the provision and maintenance of power generation equipment in the offshore industry, as well as expertise on renewable energy systems, offshore energy generation, and access to the grid. Siemens is working with MFDevCo with an initial focus on UK projects but is also keen to investigate other projects that MFDevCo is pursuing worldwide.

Under the terms of the collaboration agreement, Siemens will provide information and support to MFDevCo to secure identified gas to wire projects in return for an exclusive first option ("right of first refusal") to provide certain equipment and services to those MFDevCo projects on terms acceptable to both parties. This commitment by Siemens to project evaluation and design will be critical as MFDevCo finalises its assessment of the technical and economic feasibility of selected projects and provides the independent verification required to demonstrate deliverability to both partners and investors.

The initial term of the agreement is two years; however, both parties are viewing this as the basis for a long-term working relationship.

Alison Pegram, Joint Managing Director of Nu-Oil and Managing Director of MFDevCo, commented, "We are very pleased to be working with Siemens in our latest initiative to maximise the economic recovery of resources currently considered stranded. I am excited about the opportunities that gas to wire presents and encouraged that a company like Siemens shares our belief in both the potential and our plans."

Rob Barnes, Head of Siemens Oil and Gas ERA Region, said, "We are delighted to support the MFDevCo team which has a real insight into the viability of the marginal fields in the UK. By applying the right technologies to the efficient development of these fields we believe that the untapped potential of these assets will be realised."

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