Centrica, SWM launch sale of Spirit Energy
Date
November 18, 2019
Type
M&A Transactions
Subtype
Transaction launched
Countries
Germany
Subsectors
O&G Upstream
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Energy group Centrica and Stadtwerke Muenchen (SWM) Group have launched the sale of Spirit Energy prompting teasers to prospective investors.
Spirit Energy is one of the biggest oil and producer in the North Sea. Currently, it produces about 130,000 barrels of oil equivalent per day (boed) which is set to taper off to around 100,000 boed by 2025, although it also comes with 270 million boe in so-called 2P reserves.
In July, Centrica was preparing to sell its 69% stake in Spirit Energy. Goldman Sachs and Lambert Energy are listed as advisors for the transaction.
Spirit Energy was formed in 2017 from the merger of Centrica and Bayerngas Norge’s oil and gas assets in Britain, Denmark, the Netherlands and Norway.
