Centrica to give corporate shake-up update

Centrica will update shareholders this week on how much headway it has made to its corporate restructure.

The update comes after the firm confirmed it would shed thousands of jobs and scale back its upstream business.

Under chief executive Ian Conn’s leadership, the energy firm is looking to boost its residential supply business while cutting back on oil and gas production.

The move will allow Centrica to scrape back £1billion from the sale of production assets.

Affected areas include Trinidad and Tobago and Canada.

Earlier this year, a company spokesman told Energy Voice, despite the financial buckle down, the firm would continue to be “focused on the North Sea and our assets in Morecambe Bay in the coming years”.

The latest job loss tally sits at 4,000. Centrica employs 37,500 people.

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