POWER COMPANY ENTERS UPSTREAM OIL AND GAS SECTOR
Electricity generator Powergen plc, London, has entered the upstream oil and gas sector by buying a stake in four Irish Sea fields under development. A Powergen spokesman said the company will be studying other upstream asset purchases as opportunities arise. Powergen bought a 3.9% interest in U.K. offshore Blocks 110/13 and 110/15 from Monument Oil & Gas plc, also of London. Monument will retain a 20% interest in each block.