The British energy utility Centrica has completed the merger of its oil and gas exploration and production (E&P) affiliate with the Norwegian company Bayerngas Norge (the Norwegian subsidiary of Bayerngas, owned by Stadtwerke München or SWM). The new joint venture (JV) has been named Spirit Energy and has begun to trade oil and gas as an independent operator. It is owned by Centrica with a 69% stake, while Bayerngas Norge will own the remaining 31% share.
Spirit Energy is mostly gas weighted, with proved and probable (2P) reserves of 409 Mboe and best estimate of contingent resources (2C reserves) of 216 Mboe as of December 2016. It encompasses Centrica’s assets in several countries (the United Kingdom, Netherlands and Norway) and Bayerngas Norge’s assets in the UK, Norway and Denmark. The company's production is expected to range between 50 and 55 mboe from 27 fields at the end of 2017.