The U.K.-based Spirit Energy, the exploration and production (E&P) joint venture, has begun trading as an independent oil and gas operator, British gas owner Centrica Plc. announced on Monday.
The new independent oil and gas company plans to invest between £400 and £600 million per year to deliver sustainable medium-term production of between 45 million and 55 million barrels of oil equivalents, Centrica declared.
According to Centrica's statement, which owns 69 percent of the company, the total 2017 production of Spirit Energy is expected to reach 50 million barrels of oil equivalent from 27 producing fields.
The remaining 31 percent share is owned by Bayerngas Norge's former shareholders, led by the Stadtwerke Munchen Group (SWM), the British company noted.
Spirit Energy's aim in 2018 is to maximize efficiency from its producing assets, as well as progressing several key projects and drilling on a number of exploration prospects, Centrica noted.
Spirit Energy employs more than 700 people in the U.K., Norway, the Netherlands and Denmark.
By Firdevs Yuksel