Centrica Pays ConocoPhillips $223M For Statfjord Field Stake

Law360, New York (January 30, 2012, 4:35 PM EST) -- British energy giant Centrica PLC is expanding its presence in the North Sea through a $223 million cash deal to acquire the remainder of interests held by ConocoPhillips Co. in the massive gas- and oil-producing Statfjord field, according to an announcement Monday.

The deal gives Centrica another 15.17 percent interest in the field, increasing its overall stake to 34.3 percent. Centrica said it expected the new assets to generate strong immediate earnings and cash flow.

The acquisition provides Centrica with additional reserves of 36 million barrels...
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