Serica Energy Acquires Cygnus Gas Field Stake as Centrica Streamlines Asset Portfolio

Centrica Plc has finalized a strategic asset sale, divesting Spirit Energy Ltd’s remaining 15% ownership in the Cygnus gas field to Serica Energy plc. This transaction represents a continuation of the company’s portfolio optimization efforts, following an earlier divestment of 46.25% in the same field completed in October.

Transaction Details and Financial Structure

The Cygnus field stake disposal carries a valuation of approximately 98 million pounds. The deal structure comprises 57 million pounds in direct cash consideration alongside the transfer of 41 million pounds in decommissioning liabilities to Serica Energy. Centrica’s share of the headline proceeds amounts to roughly 39 million pounds. Beyond the Cygnus asset, the transaction encompasses all additional producing assets located within the Greater Markham Area and Southern North Sea region.

With a commercial effective date of January 1, the transaction is anticipated to reach completion during the second half of 2026, subject to regulatory clearances and standard closing conditions.

Strategic Repositioning and Operational Impact

This divestment aligns with Centrica’s broader objective of extracting maximum value from its upstream portfolio while simultaneously repositioning its infrastructure assets. By transferring substantial decommissioning obligations to Serica Energy, Centrica secures immediate cash inflows while de-risking long-term operational liabilities.

Following the transaction close, the Morecambe Hub will assume the role of Spirit Energy’s core producing asset, maintaining proven reserves estimated at approximately 9 million barrels of oil equivalent. This repositioning enables the company to focus resources on its most productive and commercially viable operations while maintaining a streamlined asset base for future growth.