Centrica lifts stake in North Sea fields

Centrica has agreed to pay Total $388 million for various non-operated production interests in the UK central North Sea.

Offshore staff

WINDSOR, UK – Centrica has agreed to pay Total $388 million for various non-operated production interests in the UK central North Sea.

These include seven producing fields in the Greater Armada area, operated by BG; the Alba field operated by Chevron; and the Mungo and Monan cluster operated by BP.

Centrica will gain 22 MMboe of 2P reserves (36% gas, 64% oil), increasing its overall reserves by around 5%. The oil and gas is mostly un-contracted and linked directly to the UK market.

The table below sets out the details in full:

Producing assets

Equity acquired

Centrica’s equity on completion

Operator

Greater Armada

- Maria

28.9600%

64.0000%

BG Group

- Seymour

25.0000%

43.0000%

BG Group

- Armada Unit

12.5300%

23.5800%

BG Group

- Everest

0.8688%

0.8688%

BG Group

Alba

12.6500%

12.6500%

Chevron

Mungo and Monan

12.4342%

12.4342%

BP

Infrastructure

ETAP Central Processing Facility (CPF)

3.3760%

3.3760%

BP

Central Area Transmission System (CATS)

0.5684%

0.5684%

B

2/23/2012

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