At our 2019 Interim Results, we announced our intention to exit oil and gas production by the end of 2020.
In 2017, we launched Spirit Energy as a joint venture with German energy and infrastructure firm Stadtwerke München (SWM).
This new exploration and production (E&P) company was the result of a combination of our E&P business and Bayerngas Norge AS, which was formerly majority-owned by SWM.
By combining the cash-generating production assets of our portfolio withBayerngasNorge’s developments, Spirit Energy isbecominga strong and sustainable European E&P company.
The joint venture completed the first phase of our planned portfolio transformation, enabling us to pursue delivery of longer-term returns and growth with a greater focus on our customer-facing businesses.
Centrica plc owns 69% of Spirit Energy and Bayerngas Norge’s former shareholders, led by SWM and Bayerngas GmbH owns 31%.