Centrica Cancel Gas Storage Project
Centrica has cancelled plans to convert its Bains gas field into a subsea storage site, Reuters has reported. The Bains field in the eastern Irish Sea had been due to start storing natural gas at the end of this year with a capacity of 20 billion cubic feet. Centrica said in its 2011 results statement: "We have taken the decision to terminate our Bains storage project, following a review of the results of 3D seismic survey data which indicated that the reservoir would not be sufficiently attractive to convert into a storage facility."
The UK gas market lags behind storage capabilities of other European countries and the government has repeatedly said investments in new sites are needed to ensure secure gas supply.
see Sam Laidlaw's comments in the Telegraph