Centrica PLC said Wednesday it has completed the sale of a significant stake in the Cygnus gas field to Ithaca Energy for 116 million British Pounds, furthering its shift toward energy infrastructure.
The deal, conducted through its subsidiary Spirit Energy, involves a 46.25% interest in the North Sea asset and includes the transfer of associated decommissioning liabilities, according to the company.
Following the transaction, which was first announced in May, Spirit Energy will retain a 15% interest in the field.
The divestment aligns with the British energy supplier's recent strategy of investing in long-term, regulated assets over traditional oil and gas production.
In August, Centrica partnered to acquire the Isle of Grain liquefied natural gas terminal for an enterprise value of 1.5 billion British Pounds, following a major investment in the Sizewell C nuclear project in July.
At the time of the LNG terminal acquisition, Chief Executive Chris O'Shea said the company was "continuing Centrica's pivot towards long-term, predictable infrastructure cash flows."
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