Centrica on Track for Strong Upstream Growth
by Jon Mainwaring
|Wednesday, July 31, 2013
The UK's Centrica reported Wednesday that it is on track to deliver a production increase of almost 20 percent for the whole of 2013, after a strong performance from its international gas and oil portfolio during the first half.
Reporting its 1H 2013 results, Centrica said it benefited from the positive impact of first gas being delivered at its York field in the North Sea and the Rhyl field, in the eastern Irish Sea, during the first quarter of this year. In the second half the firm also expects to gain 100 percent of the production from a package of Canadian gas assets it acquired for $1 billion from Suncor once the transaction is completed in September.
During the first six months of 2013 Centrica's total gas and liquids production averaged 37.6 million barrels of oil equivalent per day, up 22 percent over 1H 2012's figure of 30.9 million boepd.
Centrica said that after having achieved first gas at York and Rhyl, it has brought a second well at York into production and a further well is currently being drilled. In the Greater Markham hub, which straddles the UK and Netherland zones of the North Sea, first gas from the Kew field is scheduled by the end of this year, while Centrica has also approved the development of a sidetrack well at the nearby Grove hub.
For the six months to June 30, Centrica reported that its adjusted earnings grew two percent to $1.17 billion.
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