Centrica to sell Norwegian oil and gas assets

The British gas owner’s subsidiary will sell its Norwegian oil and gas business and a North Sea field for $1m

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Centrica has today said it has agreed to sell Spirit Energy’s oil and gas assets in Norway to Equinor and Sval Energi for about $1.07m (£800m).

These assets include Spirit Energy’s Norwegian oil and gas exploration and production business and the Statfjord field in the North Sea. 

The British Gas owner, which has a 69% shareholding of Spirit Energy, aims to simplify and “de-risk” its business model while focusing on activities in markets in the UK and Ireland.

The move follows an organisational restructure last year and the sale of its North American subsidiary Direct Energy for $3.63 billion (£2.8bn).

Centrica said it will retain its shareholding in Spirit Energy and will invest in energy transition opportunities, including carbon capture and storage and hydrogen projects.

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