Centrica PLC (CNA.LN) said Monday that Spirit Energy, the joint venture which combines Centrica's exploration and production segment with Bayerngas Norge AS, has begun trading as an oil and gas operator.
Spirit Energy's focus in 2018 will be to maximize efficiency from its producing assets, develop projects such as Maria in the Norwegian Sea and Oda in the North Sea, conduct appraisal drilling at the Fogelberg discovery in the Norwegian Sea and drilling on a number of exploration prospects, Centrica said.
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The new company will invest between 400 million pounds ($535.6 million) and GBP600 million per year and is expected to deliver medium-term production of between 45 million and 55 million barrels of oil equivalents, Centrica added.
Centrica, which owns 69% of Spirit Energy, said the formation of Spirit Energy completes the first phase of its planned portfolio transformation.
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(END) Dow Jones Newswires
December 11, 2017 02:44 ET (07:44 GMT)