UK Centrica To Exit Oil And Gas Production

India, Russia explore additional investments in oil & gas sector
July 25, 2019
China Is Now Officially Open For Foreign Oil, Gas Exploration
August 2, 2019
Show all

UK Centrica To Exit Oil And Gas Production

UK energy group Centrica plans to exit oil and gas exploration and production by the end of 2020 as the owner of British Gas is moving away from fossil fuels production and further into low-carbon energy services.

“Today, we have announced our intention to exit oil and gas production. This will complete our shift towards the customer, as we focus on our distinctive strengths, with an emphasis on helping our customers transition to a lower carbon future,” departing chief executive officer Iain Conn said in a statement.

“This major refocusing of our portfolio will unlock further efficiencies enabling us to be even more cost competitive, as we focus on being a leading Energy Services and Solutions provider,” added Conn.

Centrica plans to sell its 69-percent stake in UK company Spirit Energy, its oil and gas production business, by the end of 2020, expecting to do so via a trade sale.

“Spirit Energy is a robust, self-financing entity in a range of price environments. However, E&P is not strategically core for Centrica and our intended exit from Spirit Energy is aligned with the global transition to a lower carbon energy mix,” Centrica said in its strategic update.

Spirit Energy was set up in 2017 after Centrica combined its Exploration & Production business and Bayerngas Norge AS. Bayerngas Norge holds the other 31 percent in Spirit Energy, which produces around 50 million barrels of oil equivalent per year in Europe and works to tap into reserves and resources of more than 600 million barrels. According to the BBC, industry analysts peg Spirit Energy’s worth at more than US$1.8 billion (1.5 billion British pounds).

Apart from exiting the oil and gas E&P business, Centrica intends to sell its interests in nuclear power generation by the end of next year. At the same time, the company is boosting its services offering for electric vehicles (EVs), creating a partnership with Ford to deliver charger installations and energy tariffs for new Ford electrified vehicles in the UK and Ireland.

Leave a Reply

Your email address will not be published. Required fields are marked *

Rate Our Services
close slider

Rate Our Website and / or Training Services

WeCreativez WhatsApp Support
Our AGOGPro team is here to answer your questions. Ask us anything!
Hi, how can I help?

Our Leadership Values

Do what’s right

 

By acting with integrity, behaving responsibly and treating people with respect.

Deliver wining results

By expecting to win, owning personal and collective accountability to deliver; taking appropriate risks without fear of failure while challenging for constant improvement

Build collaborative teams

By attracting only the best people, serving, recognizing and rewarding their development and success, fostering a collaborative and open environment with the freedom to disagree but always making timely decisions and aligning behind them

Get things done in fact based, disciplined way

By seizing the initiative with highest level of urgency and energy; meeting all commitments responsively while being objective, analytical and using effective process

Learn and grow, inwardly and outwardly

By being introspective personally and organizationally, freely admitting mistakes or development needs; deeply understanding and connecting with stakeholders globally as a primary source of learning and growth

Dare to be transparent, passionate and humble

By having the self-confidence and courage to be completely candid and direct; willing to communicate openly in a trusting manner; acting with passion, conviction and personal humility, especially when delivering winning results