Centrica Energy Upstream Profits On the Rise (UK)

Centrica, a British multinational utility company headquartered in Windsor, United Kingdom, today announced that its upstream gas and oil profitability increased by 20% to £919 million in 2012 (2011: £769 million), reflecting higher production volumes and higher achieved prices.

The company’s total production of gas and liquids increased by 18% to 56.7mmboe (2011: 48.2mmboe).

It added 170 million barrels of oil equivalent (mmboe) of 2P reserves in the year, as a result of acquisitions, upgrades of existing hubs such as Rhyl and bringing new projects such as Maria into the development pipeline

Jonathan Roger, Managing Director, Centrica Energy Upstream:

“Centrica Energy Upstream has seen another successful year, delivering against our commitment to grow the business through a combination of acquisitions and exploration activity. We have made important steps to secure and develop our cornerstone assets, as well as recruit talented people. Following record investment in the oil and gas industry last year, the strongest for more than three decades, Centrica Energy Upstream increased its profits by 20% for the third consecutive year. We are now well positioned to optimise and develop our portfolio, both in the North Sea and internationally, and will invest to increase our annual production up to 100mmboe.”

  The company added it expected first gas from Y

• ork and Rhyl in coming weeks. York  platformis located in the Southern North Sea, 40km east of Humberside (in a water depth of 45m). Wh

en operational, York will produce enough gas to meet the average daily needs of around half a million (500,000) UK homes.

[mappress]
Offshore Energy Today Staff, February 27, 2013