Centrica adds to its offshore assets
23 Nov 2001
UK-based Centrica has entered into four agreements to acquire further interests in offshore assets in the North Sea and Irish Sea.
The agreements have been reached with Innogy, Amerada Hess, Kerr-McGee and Burlington, for a total consideration of £62.3 million and are expected to complete in 2001. These deals add more than 110 bcf of gas and 2.1 m barrels of oil to Centrica's portfolio.
It is forecast that there will be future capital expenditure relating to the assets of around £40 million.
The largest of the acquisitions is the purchase of Innogy's 6.97% interest in the Armada field.
The other agreements are with Amerada Hess for its interest in the Amethyst field and related interests, including the Rose development, and with Kerr-McGee and Burlington for interests in block 110/3c in the East Irish Sea.
