EDF in £265m N Sea gas buy

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The French utility will take control of 80% of ATP's North Sea business, with the option to acquire the remainder next year. The deal will give EDF control 68% of the Tors zone, which includes two natural gas fields, and 80% of the Wenlock field.

The total volume of reserves is estimated at three billion cubic metres. ATG, a subsidiary of a US company, will continue to operate the fields, whose output is delivered to the Bacton gas terminal.

The deal has been given the go-ahead by both companies' boards but needs regulatory approval.

EDF has been busy diversifying gas supplies both for its own electricity generating facilities and to supply natural gas to its customers.