'Another major UK energy company is very deliberately reducing its exposure to fossil fuel assets', writes IanKingSky
Chris O'Shea, the chief executive of Centrica, said the sale was aligned with the company's strategy of reducing its exposure to carbon intensive oil and gas exploration and production.
Spirit itself is a significantly smaller business following today's sale. The operations being sold account for 52% of its total production in 2020 - some 83% of its oil and liquids production and 34% of its gas production. They also account for some 63% of Spirit's reserves. As part of the deal, which is the largest transaction on the Norwegian continental shelf since 2019, Spirit has also offloaded all decommissioning liabilities related to the buyers.
These are different from sales such as the one announced today, where assets have changed hands, which automatically require approval from the OGA.
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