16 Dec Centrica sells production stakes in North Sea to Serica
(Oilandgaspress) Centrica plc announced the sale of Spirit Energy Limited’s remaining 15% interest in the Cygnus gas field1, and all other producing assets in the Greater Markham Area2 and Southern North Sea3, to Serica Energy plc .
The total value of the transaction to Spirit Energy is approximately £98 million, including headline consideration of £57 million and the transfer of £41 million of decommissioning liabilities. Centrica’s 69% share of headline consideration is expected to be £39 million. The disposal has a commercial effective date of 1 January 2025 and is expected to complete in the second half of 2026, subject to regulatory approvals and with customary interim period adjustments to be applied.
As with the sale of 46.25% of Spirit’s interest in Cygnus which was completed in early October, this transaction is strongly aligned with Centrica’s focus on maximising value as it continues to reposition its infrastructure portfolio, delivering attractive upfront cash consideration and transferring long-term decommissioning liabilities.
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