New oil and gas operator 'spirited' up from joint venture
A new Oil & Gas operator named Spirit Energy will be formed in a joint venture between Bayerngas Norge and Centrica’s exploration and production business.
The merger, which was announced in July of this year, is expected to be completed before the end of 2017.
Spirit Energy will be 69% owned by Centrica, with Bayerngas Norge’s existing shareholders led by Stadtwerke München and Bayerngas GmbH owning the remaining 31%.
It is expected that production from the new entity in 2017 will be in the range of 50-55 million barrels of oil equivalent (mmboe) from 27 producing fields and 2P reserves and 2C resources amounting to 625mmboe.
With this level of capacity, Spirit Energy will be one of Europe’s largest independent O&G operators; which is reflective of wider trends that involve independent operators playing a more prominent role in the North Sea ahead of the legacy majors.
Chris Cox, who is set to be Chief Executive of Spirit Energy, announced the launch of the new operator as follows:
“Having announced our intention to combine these two businesses back in July, we’ve made great progress towards completion and there is a lot of excitement across both companies as we get closer to launching Spirit Energy.”
“I am delighted we are now able to announce the name of our new business. To me, it sums up the vitality and energy we want to see in our new organisation.”