Centrica, the Berkshire-based company behind British Gas, has agreed to sell three assets in the southern North Sea to Serica Energy for £98 million.
The transaction includes Centrica subsidiary Spirit Energy’s remaining 15 per cent stake in the Cygnus gas field, along with its gas production interests in the Greater Markham Area and other parts of the southern North Sea. Completion is expected in the second half of 2026, subject to regulatory approval.
Earlier in October, Spirit had sold a 46.25 per cent stake in the Cygnus field. Following the sale, the Morecambe Hub in the East Irish Sea will become Spirit’s main gas-producing asset and central focus.
Chris O’Shea, group chief executive of Centrica and chair of Spirit Energy, said: “Our focus at Centrica is on creating value. By recycling capital, we’re unlocking new investment opportunities in the UK and elsewhere and accelerating the energy transition – delivering the energy needed today and powering tomorrow’s ambitions by energising a greener, fairer future.
“This disposal generates value for our shareholders, is a significant step in streamlining Centrica’s portfolio, and will focus Spirit on developing the option to invest in Europe’s largest carbon storage project at Morecambe Net Zero. These material UK investment opportunities will, however, depend upon having a regulatory framework, and a regulator, which is fit for purpose.”
