• 3 minutes Biden Seeks $2 Trillion Clean Energy And Infrastructure Spending Boost
  • 5 minutes While U.S. Pipelines Are Under Siege, China Streamlines Its Oil and Gas Network
  • 8 minutes Gazprom fails to exempt Nord Stream-2 from EU market rules
  • 4 hours China wields coronavirus to nationalize American-owned carmaker
  • 32 mins Open letter from Politico about US-russian relations
  • 2 days Trumpist lies about coronavirus too bad for Facebook - BANNED!
  • 20 hours Renewables Overtake Coal, But Lag Far Behind Oil And Natural Gas
  • 38 mins Joe Biden the "Archie Bunker" of the left selects Kamala Harris for VP . . . . . . Does she help the campaign ?
  • 16 hours US will pay for companies to bring supply chains home from China: Kudlow - COVID-19 has highlighted the problem of relying too heavily on one country for production
  • 2 days China's impending economic meltdown
  • 2 days Why Oil could hit $100
  • 5 hours Trump is turning USA into a 3rd world dictatorship
  • 3 days Pompeo upsets China; oil & gas prices to fall
  • 3 days Brent above $45. Holding breath for $50??
  • 2 days Rational analysis of CV19 from Harvard Medical School
  • 2 days The Truth about Chinese and Indian Engineering
  • 2 days What the heroin industry can teach us about solar power (BBC)
Controversial Nuclear Plant In Belarus Nears Completion

Controversial Nuclear Plant In Belarus Nears Completion

Belarus’ controversial Russian-built nuclear power…

Is The OPEC+ Alliance Coming To An End?

Is The OPEC+ Alliance Coming To An End?

Saudi Arabia and Russia’s historic…

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.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News