Centrica plc announces that all conditions for the sale of Spirit Energy’s Norwegian assets to Sval Energi AS and Spirit Energy’s interests in the Statfjord field to subsidiaries of Equinor ASA for an initial headline consideration of $1.1 billion have now been satisfied, and completion of the transaction is expected to occur on 31 May 2022.

As part of the transaction, originally announced on 8 December 2021, all decommissioning liabilities associated with the assets (approximately £800m) will also transfer to the buyers. The final headline consideration may rise to $1.2 billion dependent on commodity prices.

Spirit Energy will now focus on maximising delivery of its gas production for the UK, repurposing assets for the energy transition and decommissioning activities.

About Centrica

Centrica is a leading international energy services and solutions provider, founded on a 200-year heritage of serving people. Through our two customer-facing divisions, Centrica Consumer and Centrica Business, we supply energy, services and solutions to over 26 million customer accounts. We serve customers across the UK, Ireland, North America and Continental Europe through strong brands such as British Gas, supported by around 13,000 highly trained engineers and technicians. We are focused on satisfying the changing needs of our customers, enabling them to transition to a lower carbon future. Our aim is to reduce emissions in line with the Paris climate goals by 2030 and develop a path to net zero by 2050.

Energy Marketing and Trading is the trading and optimisation arm of Centrica plc. We are a leading provider of energy management and optimisation services to businesses, in addition to managing commodity risk and providing wholesale market access for the Centrica Group. We have over 14GW of capacity under contract in Europe, more than half of which is for renewable assets. We also continue to expand our global LNG business, having built a full range of LNG trading, optimisation and operations capability.

About Spirit Energy

- Spirit Energyirit Energy is an oil and gas exploration & production company with two shareholding entities: Centrica (69%), and Stadtwerke München GmbH SWM (31%).
- Operated and non-operated interests across the UK, Norway, and the Netherlands, with more than 30 producing fields and approx. 128 exploration licences (2020).
- 2020-production of 44.9 million barrels of oil equivalent (mmboe).
- Proven and probable (2P) reserves of 246 mmboe (2020).
- Total workforce of approx. 850.