Finance & Investing
News Services
Newsletters
Get free industry updates via email.
Daily News
Weekly News
Equipment Updates
Weekly Job Register
Monthly Event Guide
Our privacy
pledge.


advertisement

Centrica's Upstream Business to Boost Production by One-Fifth in 2012

change text size

UK gas and electricity firm Centrica reported Friday that it expects production in its upstream business to increase by around 20 percent during 2012 after it achieved first gas at its Ensign platform in the North Sea earlier in May. The company also expects the Seven Seas, Rhyl and Atla gas fields to be brought on stream during the rest of this year. 

Reporting its 'interim management statement' for the first quarter of 2012, Centrica said that higher wholesale gas and power prices in its upstream business helped to offset the impact of mild weather on its downstream operations during 1Q.
 
Meanwhile, Centrica confirmed that it has completed the acquisitions of a package of Norwegian assets from Statoil and an additional stake in the Statfjord field from ConocoPhilips, adding 153 million barrels of oil equivalent in reserves for a combined consideration of $1.77 billion (GBP 1.1 billion).
 
The firm also expects to complete the purchase of North Sea assets from Total over the coming months that is expected to add another 14 Mmboe in return for $224 million.
 



A former engineer, Jon is an award-winning editor who has covered the technology, engineering and energy sectors since the mid-1990s. Email Jon at jmainwaring@rigzone.com

WHAT DO YOU THINK?

Post a Comment Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.


More from this Author
Jon Mainwaring
European Editor | Rigzone.com
 -  Oilfield Discovered Onshore UK near Lo... (Oct 24)
 -  Inside BP's Upstream Learning Center (Oct 24)
 -  GDF, BP Make 'Significant' Discovery i... (Oct 23)
 -  What's Going on in Kurdistan? Q&A with... (Oct 20)
 -  North Sea Future: Innovation Needed (Oct 17)
Most Popular Articles
From the Career Center
Jobs that may interest you
Subsea Structural Designer- Inventor
Expertise: CAD/CAM, Structural Engineering, Subsea Engineering
Location: Houston, TX
 
Drilling Engineer
Expertise: Drilling Engineering, Petroleum Engineering
Location: Denver, CO
 
Senior Production Engineer
Expertise: Petroleum Engineering, Production Engineering
Location: Fort Worth, TX
 
search for more jobs