Multinational energy company Centrica Plc announced on Tuesday that its Spirit Energy joint venture has sold its remaining 15% interest in the Cygnus gas field, and all other producing assets in the Greater Markham Area and Southern North Sea.
Centrica said Spirit Energy, jointly owned and operated with Stadtwerke München, had disposed of its stake to Serica Energy for approximately £98m, including a headline consideration of £57m and the transfer of £41m of decommissioning liabilities. Centrica's 69% share of the headline consideration was expected to be £39m.
The FTSE 100-listed firm stated the disposal was expected to complete in the second half of 2026, subject to regulatory approvals, and comes after the sale of 46.25% of Spirit's interest in Cygnus was completed in early October.
Centrica said the disposal will result in the Morecambe Hub becoming Spirit's principal producing asset, with total retained reserves of nine million of barrels of oil equivalent.
Spirit's primary focus will remain on the development of the Morecambe Net Zero carbon storage project, alongside safely and efficiently decommissioning its facilities and wells with minimum environmental impact.
Seperately, Serica Energy said it had expanded its footprint across several producing fields, with the AIM‑listed group revealing the transaction would be executed through two newly acquired subsidiaries following the completion of its Prax Upstream deal.
In addition to the 15% non‑operated interest in the Cygnus field, Serica will also take operated positions in the Greater Markham Area, as well as majority interests in the Eris and Ceres fields.
The AIM-listed company said the acquisition would strengthen its production base and diversify its portfolio, adding material reserves and operated positions in established gas hubs.
Reporting by Iain Gilbert at Sharecast.com