Spirit Energy, the joint venture energy company of Centrica plc and Stadtwerke München GmbH (SWM), has today (Tuesday 31st January) confirmed its plan to convert its depleted South Morecambe and North Morecambe gas fields and Barrow Terminals into a world-class carbon storage cluster.

Centrica plc announces that all conditions for the sale of Spirit Energy’s Norwegian assets to Sval Energi AS and Spirit Energy’s interests in the Statfjord field to subsidiaries of Equinor ASA for an initial headline consideration of $1.1 billion have now been satisfied, and completion of the transaction is expected to occur on 31 May 2022.

As the company transitions to a new phase, focusing on efficiency and how its assets can be used as part of the energy transition, Spirit Energy has today announced Board and Executive appointments within the company.

Spirit Energy has entered into agreements to divest its Norwegian business including the Statfjord UK field. The headline consideration is $1,076 million (approximately £800million), plus a contingent payment linked to commodity prices.

Planning for the decommissioning of a North Sea field which has exceeded its expected life sevenfold is now underway.

Spirit Energy has found more gas at Grove, penetrating an undrained part of the North East area of the field. As a result, the life of the Grove field could be significantly extended.  

An export route has been confirmed for Spirit Energy's Pegasus West discovery following the farm-down of a 38.75% stake to Neptune Energy

The Spirit Energy-owned York gas field has been given another three years of life following a successful life extension project.

Spirit Energy will drill a new well in the Grove North East area. If the infill well is a success, the life of the Grove field could be extended by five years to 2028.