Centrica has responded to market developments by cutting capex allocated this year to Spirit Energy’s E&P operations by £100 million ($123 million) to around £400 m ($493 million).
Offshore staff
WINDSOR, UK – Centrica has responded to market developments by cutting capex allocated this year to Spirit Energy’s E&P operations by £100 million ($123 million) to around £400 m ($493 million).
The energy group has identified further cost savings and has set a target for its Upstream division to be no worse than free cash flow neutral in 2020.
Centrica added that the current environment is hampering its planned divestment of its interest in Spirit Energy: it had expected to receive initial bids for the company around the end of March.
However, the divestment process continues with Centrica resolve to exit oil and gas production.
