Centrica Buys Total Oil and Gas Assets in North Sea
British energy provider Centrica said Wednesday it had agreed to buy oil and gas assets in the North Sea from French peer Total for $388 million (292 million euros) in cash.
The portfolio includes seven producing fields, Centrica said in a statement.
The assets hold estimated reserves of 22 million barrels of oil equivalent -- around two-thirds of which is made up of oil and one-third in gas.
The deal increases Centrica's own reserves by five percent.
"This acquisition ... provides a good fit with our existing portfolio and strategy, bringing strong cash flow and adding value for Centrica," said senior manager Mark Hanafin.
"It underlines our commitment to invest where we see attractive opportunities, securing future energy supplies for the UK."