Upstream Performance Highlights 2019
In E&P, Spirit Energy, our joint venture with Stadtwerke München, is a robust, self-financing business.
However, as Centrica's focus has shifted back to the customer, E&P is no longer strategically core. That is why we announced our intention to exit from Spirit Energy by the end of 2020. We continue to own and operate the Rough field and the onshore Easington gas processing terminal. We are focused on maximising the value of these assets
We also intend to dispose our 20% stake in EDF Energy’s nuclear power generation fleet by the end of 2020.
Production and generation performance
• Nuclear generation volumes were down 14% to 10.2TWh in 2019 compared to 2018, reflecting the extensions to outages at the Dungeness B and Hunterston B power stations.
• Total E&P production volumes were down 10% to 52.3mmboe in 2019 compared to 2018.
E&P development and exploration progress
- In March 2019, the Oda field came on line five months earlier than originally planned and under budget.
- The development of the Nova field in Norway is progressing as planned, with production due to begin in the third quarter of 2021.
- In January 2020, we announced plans with our Statfjord partners to drill up to 100 new wells and extend production from the area by more than 10 years.
- Spirit Energy’s 2P reserves were 14mmboe higher at the end of 2019 than at the end of 2018, with 64mmboe of positive revisions more than offsetting the impact of production and the Valemon and Sindre divestments in the year.
Breathing new life into our longest serving asset
Spirit Energy has transformed efficiency and production at Morecambe.
Back to 2019 Annual Report