Centrica plans to sell a 46.25% stake in the Cygnus gas field in the southern North Sea to Ithaca Energy for about £215 million. The stake is held by Spirit Energy, a Centrica subsidiary.
Centrica, which owns British Gas, said the sale fits its strategy to “maximise value from Spirit’s remaining reserves” and generate “attractive upfront cash.”
The Cygnus field is one of the UK’s largest gas producers. It supplies about six percent of the country’s gas demand at peak times. Spirit Energy and Ithaca, through its subsidiary Eni UK, already jointly own the field.
Chris O’Shea, Centrica’s CEO and chairman of Spirit Energy, said the sale helps reduce Centrica’s exposure to gas production. It also allows Spirit Energy to focus on Europe’s largest carbon storage project.
Centrica’s shares rose nearly two percent in early trading following the announcement.
Yaniv Friedman, executive chairman of Ithaca, welcomed the deal. He said it adds “high-margin, high-quality” gas assets to Ithaca’s portfolio at attractive values. He also highlighted potential for more production through additional drilling beyond the three wells already approved.
Friedman described the acquisition as “the type of deals we like.”
The transaction is expected to close in the second half of 2025, following the usual interim review period for such deals.
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