Centrica merges oil and gas businesses with Baverngas Norge

17/07/2017 16:43 Oil Market

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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.
 

Centrica merges oil and gas businesses with Baverngas Norge

17/07/2017 16:43:00

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

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