Centrica To Pay $388M For Total's Oil, Gas Assets

Law360, New York (February 22, 2012, 1:07 PM EST) -- Centrica PLC, parent company of British Gas, has agreed to acquire French oil company Total SA's oil and gas assets in the central North Sea for £246 million ($388 million) as part of its strategy to increase oil reserves and cash flow, Centrica announced Wednesday.

The deal, which is subject to U.K. government approval, will close on a field-by-field basis around July at the earliest, Centrica said.

The assets Windsor, U.K.-based Centrica will acquire include seven producing oil fields, along with associated infrastructure, in three areas...
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