Centrica's Upstream Business to Boost Production by One-Fifth in 2012
by Jon Mainwaring
Friday, May 11, 2012
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.
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