Centrica to sell North Sea business
The UK utility is confident of interest in its stake in Spirit Energy E&P arm
Centrica will initiate a process shortly to sell its 69pc stake in Spirit Energy, its North Sea upstream business, with the goal of completing the sale by the end of 2020. The firm says it has engaged its largest minority partner in Spirit, German utility Stadtwerke Muenchen (SWM), and SWM is "fully aligned" with its sale plans. "Naturally, I alerted [SWM] that we were entering a process," says Centrica CEO Iain Conn. "[The minority shareholders] have a right to stay in—we cannot drag them into [a sale]. But they can also tag along." Conn says the dialogue so far has been constructive and their relationship is good. But ultimately it is up to decision makers such as the city of Munich, SWM's

Also in this section
2 May 2025
Fast-tracking US project approvals and increased trade pressures have already changed the LNG landscape since Trump came to office, with further transformation ahead
2 May 2025
Peru’s state-owned hydrocarbons agency has launched the search for new investors for Offshore Block Z-69, a high-potential asset in the prolific Talara Basin.
2 May 2025
The scars of the Russia crisis have accelerated Europe’s push to wean itself off gas dependence as the growing globalisation of LNG becomes a double-edged sword
1 May 2025
The NOC’s dire financial situation and maturing fields have left the authorities with little choice but to reduce crude expectations