Centrica merges oil and gas businesses with Baverngas Norge

17/07/2017 16:43 Oil Market


The new company will be the result of the joining of British company Centrica’s exploration and production business with Norwegian Baverngas Norge.

Centrica will own 69% of the shareholders and Baverngas the remaining 31%. The joint venture will become an European E&P business, and will own exploration and development holdings in UK, Netherlands, Norway and Denmark.

The combined oil production for this year is evaluated to reach 50-55 million barrels, and exceed £150 million of cost savings.

Group Chief Executive of Centrica, Iain Conn declared that the joint venture creates a viable E&P business with shareholders who have a strategic vision regarding E&P. The statement came after the removal of Canada and Trinidad & Tobago assets. The company intends to make its money from customer service and the sale of services and products such as thermostats and smart meters.

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