30th May 2022 11:00
(Alliance News) - Centrica PLC on Monday said it has completed the USD1.1 billion sale of Spirit Energy's Norwegian oil and gas assets.
In December, the Windsor, Berkshire-based energy company had said it planned to sell Spirit Energy's Norwegian portfolio plus the Statfjord field. Sval Energi AS agreed to buy Spirit Energy's Norwegian oil and gas business, while Equinor ASA bought Spirit Energy's interests in the Statfjord field.
On Monday, Centrica said that the initial headline consideration of USD1.1 billion had been satisfied. It added that the final headline consideration may rise to USD1.2 billion, depending on commodity prices. It also noted that all decommissioning liabilities, estimated at GBP800 million, will be transferred to the buyers.
Following the sale, Centrica said Spirit Energy will focus on maximising delivery of its gas production for the UK.
The transaction is expected to be complete on Tuesday.
Shares in Centrica were down 0.7% to 76.68 pence each in London on Monday morning.
By Sophie Rose; [email protected]
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