Reuters: Spirit Energy up for sale

Centrica and SWM have reportedly launched a sale process of the North Sea oil producer Spirit Energy.

Illustration: Spirit Energy's Chiswick platform
Illustration: Spirit Energy’s Chiswick platform

Reuters on Monday cited a document sent to prospective buyers, according to which Centrica wants to sell its 69 percent ownership in Spirit Energy. Reuters also said that SWM would evaluate proposals for the remaining stake.

Spirit Energy was established in 2017, through a combination of Centrica’s E&P business with Bayerngas Norge. Centrica plc owns 69% of Spirit Energy, with Bayerngas Norge’s former shareholders, led by Stadtwerke München Group (SWM), holding 31%.

The company’s 2018 production was 46.8 million barrels oil equivalent (mmboe), proven and probable (2P) reserves of 270 mmboe, and contingent (2C) resources of 512 mmboe.

Per the company’s 2018 summary document, Spirit Energy had operated and non-operated interests across the UK, Norway, the Netherlands, and Denmark, with 33 producing fields and 148 exploration licenses.

Offshore Energy Today has reached out to Spirit Energy seeking comment about the reported move by Centrica to sell the company.

A Spirit Energy spokesperson said: “Spirit Energy will provide support to the sales process as appropriate.”

Worth reminding, Centrica in July announced its intention to exit the oil and gas exploration and production business. Centrica at the time said it expected to exit its interest in Spirit Energy by the end of 2020 via a trade sale.

“Spirit Energy is a robust, self-financing entity in a range of price environments. However, E&P is not strategically core for Centrica and our intended exit from Spirit Energy is aligned with the global transition to a lower-carbon energy mix,” Centrica said in July.


Offshore Energy Today Staff

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