UK's Centrica Commits $2.2B To Gas Project After Tax Drop

Law360, New York (July 25, 2012, 4:34 PM EDT) -- After U.K. officials announced a tax break on shallow-water oil and gas fields Wednesday, British utility Centrica PLC said it would pony up £1.4 billion ($2.2 billion) to push forward its Cygnus gas project to open a landmark gas discovery in the southern North Sea.

The Cygnus plot holds the largest gas find uncovered in the region in the past 25 years. At peak production, the gas field is expected to account for roughly 5 percent of the U.K.'s total annual gas production, according to Centrica....
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