Centrica signs huge gas deal
utility Centrica has bought a string of gas production assets from Norway’s Statoil and signed a 10-year gas purchase deal, boosting its production by a quarter and improving the UK’s energy security.
Centrica, the parent of household energy supplier British Gas, will buy 5 billion cubic metres of natural gas per year – about five per cent of the UK’s annual gas needs – between 2015 and 2025 in a deal worth about £13bn.
It will also buy from Statoil a package of oil and gas production and development assets off Norway for up to $1.625bn, lifting its output by around 12 million barrels of oil equivalent per year.