ConocoPhillips is said to be making plans to shut down one of the North Sea’s biggest gas pipelines.
According to a report in The Times, the move could knock out about 10% of the UK’s gas capacity as well as a “string of active fields”.
The company is said to be locked in talks with the industry regulator about the future of the Lincolnshire Offshore Gas Gathering System, which is one of 15 big gas networking in the UK section of the North Sea.
ConocoPhillips has said it is “working closely with the Oil and Gas Authority (OGA) and engaging with gas shippers and other stakeholders around the long-term plan”.
According to sources quoted in the Times article, the company is looking to shut down the pipeline in either 2017 or 2018.
Experts have warned the move could create a “domino effect” which would impact on other infrastructure.
More to follow.
