Centrica intends to divest its Norwegian oil & gas holdings

Centrica intends to divest its Norwegian oil & gas holdings: Centrica said today that it has agreed to sell Spirit Energy’s oil and gas assets in Norway to Equinor and Sval Energi for approximately $1.07 million (£800 million).

Spirit Energy’s Norwegian oil and gas exploration and production operations, as well as the Statfjord field in the North Sea, are among these assets.

The owner of British Gas, which owns 69 percent of Spirit Energy, intends to streamline and “de-risk” its business model while focusing on activities in the UK and Ireland.

Last year, the company restructured its organization and sold its North American affiliate Direct Energy for $3.63 billion (£2.8 billion).

Centrica stated that it will keep its stake in Spirit Energy and invest in energy transition prospects such as carbon capture and storage and hydrogen projects.

Centrica intends to divest its Norwegian oil & gas holdings: