Centrica committed to Spirit Energy sale

April 7, 2020
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, UKCentrica 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.

04/07/2020

Courtesy Altera Infrastructure Holdings
Altera Infrastructure Holdings has agreed to sell its membership interests in Altera Shuttle Tankers
ID 326457873 © Arsenii Palivoda | Dreamstime.com
offshore wind
Photo 45185193 © Rawpixelimages | Dreamstime.com
Business Briefs