Centrica acquires offshore gas asset

Centrica plc today announced it has reached agreement with BG Group to acquire the remaining 60 per cent interest in the Rose Field (North Sea Block 47/15b) in return for a 1.5 per cent interest in the Armada Field and a cash payment of £7.32 million.  Centrica acquired its current 40 per cent interest from Amerada Hess in January 2002.

The Rose Field is currently scheduled for development with likely recoverable gas reserves of 88 bcf.  Centrica expects to invest around £50 million to bring supplies on stream in 2004.  Subject to regulatory approval, the transaction will see Centrica become operator of the field.

Jake Ulrich, Managing Director of Centrica Energy Management Group said: "This transaction is an excellent fit with our upstream assets strategy.  It is a development asset that suits our portfolio requirements and allows us operational flexibility in meeting our customer needs.”