Centrica buys ConocoPhilips’ interests in Statfjord oil field

Utility company Centrica has reached an agreement with ConocoPhillips to acquire its non-operated interests in the gas and oil producing Statfjord field and associated satellites for a total cash consideration of $223m (£142m), including $103m attributable to historic tax allowances.

The fields, which are located across both the Norwegian and UK sectors of the Northern North Sea, produce gas for the UK market.

The acquisition further strengthens Centrica’s integrated business model and provides another secure source of gas for its UK customers.