Centrica (LSE:CNA) subsidiary Spirit Energy has completed the sale of its remaining interest in the Cygnus gas field and other producing assets in the Greater Markham Area and Southern North Sea to Serica Energy.
The transaction includes Spirit Energy’s remaining 15% interest in Cygnus and has a consideration of £33 million.
As part of the transaction, £44 million of decommissioning liabilities associated with the assets have also been transferred to Serica Energy.
Spirit Energy Focuses Portfolio on Morecambe Hub
Following the disposal, Spirit Energy will concentrate its portfolio around the Morecambe Hub, which becomes its principal producing asset.
The company intends to focus on its remaining Morecambe operations while progressing the Morecambe Net Zero carbon storage project and managing decommissioning activities across its portfolio.
Spirit Energy said its approach to decommissioning will continue to focus on safety and environmental considerations.
Centrica Energy Operations
Centrica is a UK-listed energy company with activities across gas and electricity markets, primarily in the UK and Europe.
Its operations include exploration and production activities through Spirit Energy, whose portfolio is now centred on the Morecambe Hub following the completion of the latest asset sale.
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