Tuesday, 22 November 2011

Centrica buys $1.63 billion Norwegian upstream assets

The UK's Centrica boosted its oil and gas production by a quarter on Monday through buying a string of assets from Norway's Statoil and signing a 10-year gas deal that will improve the UK's energy security.

Centrica, the parent of household energy supplier British Gas, will buy 5 billion cubic meters (bcm) of natural gas per year - about 5 percent of the UK's annual gas needs - between 2015 and 2025 in a deal worth about 13 billion pounds ($20.5 billion).

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