UK-based energy company Centrica has acquired a 70 percent interest in a project to convert a gas field in the North Sea into the second largest gas storage facility in the UK.
With Centrica's 70 percent interest in the project, it will fork out US$34.38 million while Perenco takes on the remaining 30 percent.
The Baird storage facility would have a capacity of about 1.7 billion cubic metres. The final decision will be made after the pre-development studies are completed in the third quarter of 2010.