Centrica has formally launched the process of selling off its stake in North Sea explorer Spirit Energy, according to a news report.
The energy supplier, along with fellow owner Stadtwerke Muenchen (SWM), has sent a sales document to prospective buyers, according to the Reuters news agency.
Centrica holds a 69% stake in Spirit and announced in July its plans to sell off its interest by the end of 2020 as it seeks to reduce its debts and increase its focus on lower-carbon energy.
Reuters said the document set out that Spirit currently produces 130,000 barrels of oil equivalent per day, expected to taper down to 100,000 by 2025, although it comes with 270m boe in proven and probable reserves.
Spirit Energy launched in 2017 and has around 350 employees in Aberdeen.
SWM owns the remaining 31% of the explorer, which has operations across the UK, Norway, the Netherlands and Denmark.
The majority of the firm’s UK operated assets are in the Southern North Sea.
Spirit made waves in the UK North Sea in August 2018, when it struck a deal to buy 50% of Hurricane Energy’s Greater Warwick Area, west of Shetland.
The company agreed to cover the cost of a £140m campaign to drill two exploration wells and one appraisal well in the region.
In July, Warwick Deep was announced as non-commercial although the nearby Lincoln Crestal well did strike oil.
Last week Hurricane announced testing at Warwick West is due to begin soon.
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