Centrica Completed Sale of Spirit Energy Norway Assets

Source: www.gulfoilandgas.com 5/30/2022, Location: Europe

Centrica plc announces that all conditions for the sale of Spirit Energy's Norwegian assets to Sval Energi AS and Spirit Energy's interests in the Statfjord field to subsidiaries of Equinor ASA for an initial headline consideration of $1.1 billion have now been satisfied, and completion of the transaction is expected to occur on 31 May 2022.

As part of the transaction, originally announced on 8 December 2021, all decommissioning liabilities associated with the assets (approximately £800m) will also transfer to the buyers. The final headline consideration may rise to $1.2 billion dependent on commodity prices.

Spirit Energy will now focus on maximising delivery of its gas production for the UK, repurposing assets for the energy transition and decommissioning activities.

Centrica's 2022 Interim Results are scheduled for release on 28 July 2022.


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