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Centrica increases Central North Sea stakes
 Centrica has agreed a major asset deal with Total E&P in the UK to increase its holding in a series of UK Central North Sea fields.
Centrica is paying £246 million (US $388 m) to acquire Total's non-operated interests in seven fields in the Central North Sea.
Equity is being acquired by Centrica in four fields in the Greater Armada area operated by BG – Maria, Seymour, Armada, and Everest, in the Chevron-operated Alba field, and in the Mungo and Monan fields which form part of the BP-operated ETAP cluster.
In total, Centrica says the deal will bring 22 million barrels of oil equivalent (mmboe) of 2P – proven and probable – reserves, of which 36% is gas, and 64% is oil. The new resources represent a 5% increase in Centrica reserves, and they are expected to add 9,300 boe/d of production this year.
“Today’s announcement marks another step in the growth of our upstream oil and gas business,” declared Mark Hanafin, managing director of Centrica Energy. “This acquisition in the North Sea provides a good fit with our existing portfolio and strategy, bringing strong cash flow and adding value for Centrica. It underlines our commitment to invest where we see attractive opportunities, securing future energy supplies for the UK.”
At Maria, Centrica is acquiring 28.9% equity, boosting its total interest in that field to 64%. At Seymour, Centrica acquires 25%, increasing equity to 43%. Within the Armada field unit, Centrica acquires 12.53%, increasing its equity there to 23.55%. At Everest, it acquires 0.8688%. At Alba, Centrica acquires 12.65%, and at Mungo and Monan Centrica acquires 12.434%.
The deal also brings Centrica a 3.37% stake in the ETAP central processing facility, and a minor 0.568% interest in the Central Area Transmission System pipeline, both of which are also operated by BP. Advertisement
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