Centrica increases investment

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Centrica has announced an agreement with Britoil, a subsidiary of BP, to double its interest in the Statfjord oil and gas field in the northern North Sea. Under industry rules as an existing shareholder in the field, Centrica has exercised its pre-emption right to match a bid of £151 million to acquire BP’s 4.84 per cent interest.<?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" />.

Centrica has announced an agreement with Britoil, a subsidiary of BP, to double its interest in the Statfjord oil and gas field in the northern North Sea. Under industry rules as an existing shareholder in the field, Centrica has exercised its pre-emption right to match a bid of £151 million to acquire BP’s 4.84 per cent interest.

 

Subject to completion during the second quarter and a successful development programme on the field, the agreement would add an additional 1.84 billion cubic metres of gas and 14.5 million barrels of oil to Centrica’s portfolio. Centrica acquired its original 4.84 per cent interest from Chevron Texaco in 2004.

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