Petrofac buys into UK gas storage project

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Petrofac has bought a 20% share in the Gateway storage scheme in the Irish Sea and will become a joint developer of the project.

Gateway is intended to eventually add almost 30% to the nation's total gas storage capacity.

Increasing gas storage is critical to the UK's energy security as plentiful sources from the North Sea decline and the country becomes more reliant on gas imports.

Storage capacity in the UK currently stands at just 5% of Britain's annual demand, compared to an average of around 20% in other European countries.

The Gateway project will see storage caverns developed in a natural salt structure below the seabed 15 miles off the coast of Barrow-in-Furness.

When completed in 2016, these will enable gas to be delivered, stored and then returned to the UK's national transmission system.

Gateway is led by Stag Energy directors George Grant and Andrew Stacey, who manage the project on behalf of shareholders which include private investors and financial institutions.

Investors will make the final decision on whether to press ahead next year.

Petrofac managing director Rob Jewkes said: "We are entering the project at this stage to bring confidence to the investor group that execution and delivery objectives for the complete facilities can be met."