Centrica has confirmed the sale of Spirit Energy’s Norwegian assets to Sval Energi, and the offloading of its interests in the Statfjord field to subsidiaries of Equinor.
The combined sales total $1.1bn, but could rise to $1.2bn depending on commodity prices – with the transaction expected to occur tomorrow.
As part of the deal, all decommissioning liabilities associated with the assets – approximately £800m – will also transfer to the buyers.
Spirit Energy will now focus on the delivery of its gas production for the UK and Netherlands, repurposing assets for the energy transition and decommissioning activities.
Centrica, which owns Spirit Energy, is looking to simplify its overall business and focus more on its core domestic market.
The company considers the sale of Spirit Energy’s Norwegian assets to be an important milestone in its turnaround, with the deal following its sale of Direct Energy and its organisational restructure last year.
The energy giant’s 2022 interim results are scheduled for release on 28 July 2022.
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