Serica Energy Acquires Centrica's Remaining Stake in Major North Sea Gas Project

British energy firm Centrica has finalized a major divestment in the North Sea, offloading Spirit Energy’s final 15% holding in the Cygnus development to Serica Energy. The transaction, valued at approximately 98 million pounds, represents the latest step in Centrica’s ongoing restructuring of its hydrocarbon portfolio.

Deal Structure and Financial Terms

The transaction encompasses a headline consideration of 57 million pounds alongside the assumption of 41 million pounds in decommissioning obligations by the buyer. Centrica’s 69% ownership stake translates to roughly 39 million pounds in cash proceeds for the group. With a commercial effective date of January 1, the deal is anticipated to close during the latter half of 2026.

Broader Asset Transfer

Beyond the Cygnus gas field stake, the agreement encompasses all additional producing assets operated by Spirit Energy within the Greater Markham Area and the Southern North Sea region. This comprehensive portfolio transfer underscores the scale of Centrica’s portfolio optimization initiative. The current transaction follows an earlier disposal completed in early October, when Spirit Energy divested a 46.25% interest in the same field.

Strategic Rationale and Future Direction

Centrica has articulated that the transaction supports its overarching objective to unlock shareholder value while simultaneously repositioning its asset base. By extracting immediate capital while transferring extended decommissioning liabilities, the company achieves a more streamlined operational structure. Post-completion, the Morecambe Hub will assume the role of Spirit Energy’s primary producing asset, maintaining proved reserves estimated at approximately 9 million barrels of oil equivalent.

Market Context

At the close of trading on Monday, Centrica shares reflected modest strength, advancing 1.02% to 167.80 pence on the London Stock Exchange, as market participants digest the company’s ongoing strategic repositioning efforts.