UK utility Centrica is expanding its upstream activities in Northern Europe by setting up a joint venture with the Norway-based division of Bayerngas.
Centrica will transfer all of its European exploration and production activities in the UK, the Netherlands and Norway to the venture, while Bayerngas will contribute assets in Norway, the UK and Denmark.
The two companies have complementary portfolios with producing assets from 27 fields and several projects under development, with natural gas making up about two-thirds of the reserves and resources.
