The decision, which is in addition to the earlier announced plan to axe 2,000 jobs, comes as a result of a net loss of nearly $1.3bn in 2015 and reduced revenue by about 5% £28bn.
As part of cost efficiency program, the firm plans to save £750m per annum by 2020. The firm expects operating cash flow to be over £2bn and save £200m in this year.
Centrica CEO Iain Conn said: "Centrica has delivered a resilient financial performance, with solid 2015 adjusted earnings despite the challenge of falling wholesale oil and gas prices.
"Operating cash flow has been strong, and with capital discipline this has allowed the Group to reduce net debt. We have a clear strategy for delivering growth and returns built around the customer and I am encouraged by the progress we have made.
"We remain confident that our plans and underlying performance momentum will allow us to more than balance cash flows and deliver at least 3-5% per annum underlying operating cash flow growth to 2020, even in the current environment, so underpinning a progressive dividend policy."
The company reduced capital expenditure to around £500m in 2016 and expects to further reduce the expenditure if current low price environment is sustained in 2017 and 2018.
Centrica, along with its partner Qatar Petroleum, is also planning to sell oil and natural-gas assets in western Canada in order to focus on profitable residential energy supply and services division.
