Centrica plc, the owner of British Gas, today announced the purchase of the entire share capital of Newfield UK Holdings Limited, the UK subsidiary of Newfield Exploration Company, for $486.4 million (£242 million) in cash. The price is subject to certain adjustments based on working capital and indebtedness.

Centrica will take an 85 per cent operated interest in the Grove gas field which started production in summer 2007, an 80 per cent interest in the Seven Seas gas development, the Sloop gas discovery and associated exploration acreage.