Centrica in $388m Total North Sea grab

Total selling: Christophe de Margerie-led French player hives off North Sea assets to Centrica

KAIA MEANS

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By Eoin O'Cinneide

 22 February 2012 07:49 GMT

Centrica has splashed out $388 million on a raft of central North Sea assets from Total just days after an executive at the French supermajor revealed it was in talks on a deal.

The all-cash deal will see the UK gas giant take over seven producing non-operated fields from Total in three major areas: Greater Armada, the Alba field and the Mungo and Monan cluster.



With the purchase, Centrica is increasing its reserves by around 5% as the company's share in the assets equates to around 22 million barrels of oil equivalent of proven and probable resources. This is made up of 36% gas and 64% oil, Centrica said. The assets are expected to produce 9300 boe per day in 2012.



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