Centrica splashes £142m on North Sea field

British Gas parent company Centrica is buying ConocoPhillips’ stake in a North Sea oil and gas field for £132million ($233m). The buyout takes Centrica’s stake in the Statfjord field to […]

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By Vicky Ellis

British Gas parent company Centrica is buying ConocoPhillips’ stake in a North Sea oil and gas field for £132million ($233m). The buyout takes Centrica’s stake in the Statfjord field to roughly a third (34%).Mark Hanafin, managing director of Centrica Energy said: “The acquisition, which follows our announcement last year of a new 10 year gas supply deal with Norway and acquisition of assets from Statoil, underlines our commitment to invest in North Sea production and secure future energy supplies for the UK.”