Centrica ups stake in Statfjord complex

Offshore staff

WINDSOR, UK – Centrica has agreed to acquire ConocoPhillips’ interest in the Statfjord field and associated satellites in the North Sea for $223 million. This includes $103 million attributable to historic tax allowances.

The assets, which extend from the Norwegian into the UK offshore sector, produce gas for delivery to the UK.

Following the purchase of this 15.17% interest in Statfjord, Centrica’s overall stake will increase to 34.30%. The company will also lift its stake in the Statfjord satellites Statfjord Nord, Statfjord Øst, and Sygna, all producing fields tied back toStatfjord.

The resultant net increase in production to Centrica will be more than 11,000 boe/d. However, further development estimated at around $317 million will be needed, the company says, to ensure their long-term deliverability.

2/1/2012