Centrica, a supplier of gas and electricity to the residential and commercial sectors, has announced the purchase of the entire share capital of Newfield UK Holdings for $486.4 million in cash.
<p>Centrica will take an 85% operating interest in the Grove gas field, which started production in summer 2007, and an 80% interest in the Seven Seas gas development, the Sloop gas discovery and associated exploration acreage. <br /><br />Sam Laidlaw, CEO of Centrica, said: This important investment to acquire Newfield UK is in line with our strategy of increasing our level of gas reserves to supply our British Gas and European customers. As a result of the acquisition, we expect to add net gas reserves of up to 300 billion cubic feet of gas over the next three years, equivalent to more than a fifth of Centrica's current UK gas reserves.</p>