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UPDATE 1-CML to invest $182 mln in infrastructure for Premier Oil's UK gas field
September 25, 2017 / 3:00 PM / 23 days ago

UPDATE 1-CML to invest $182 mln in infrastructure for Premier Oil's UK gas field

(Adds details, background)

LONDON, Sept 25 (Reuters) - CATS Management Limited (CML), a UK gas infrastructure company owned by Antin Infrastructure Partners, will invest 135 million pounds ($182 million) to build the infrastructure for Premier Oil’s Tolmount gas field in the North Sea.

CML and Dana Petroleum have signed an agreement with Premier Oil outlining the two companies will build and own the pipeline and platform of the Tolmount field, expected to come onstream before the end of 2020.

CML said on Monday it would share equal ownership in the infrastructure with Dana and both companies would also undertake modification work at Dimlington terminal, where Tolmount gas will arrive onshore.

Dana Petroleum was not immediately available for comment.

Premier Oil first announced the deal last month, saying it would pay CML and Dana a yearly usage fee.

The arrangement has allowed Premier Oil to lower its own cost for the Tolmount project by $175 million.

$1 = 0.7399 pounds Reporting by Oleg Vukmanovic and Karolin Schaps; Editing by Louise Heavens and Mark Potter

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