The new oil and gas operator to be formed in a joint venture between Bayerngas Norge and Centrica’s exploration and production (E&P) business will be called Spirit Energy.
The name was chosen in a competition involving the 700-strong teams from both businesses, with the successful entry submitted by Andrew Smith, senior commercial adviser in Centrica’s Aberdeen offices.
Spirit Energy will be formed following the combination of Centrica’s E&P operations and Bayerngas Norge, announced earlier this year. Once launched, the business, which will be 69%-owned by Centrica, with Bayerngas Norge’s existing shareholders led by Stadtwerke München and Bayerngas GmbH owning the remaining 31%, will be among the leading independent European operators.
Production in 2017 will be in the range of 50-55million barrels of oil equivalent (mmboe) from 27 producing fields and 2P reserves and 2C resources amounting to 625mmboe.
The deal is expected to complete with Spirit Energy being launched before the end of the year.
Chris Cox, who will be chief executive, said: “Having announced our intention to combine these two businesses back in July, we’ve made great progress towards completion and there is a lot of excitement across both companies as we get closer to launching Spirit Energy.
“I am delighted we are now able to announce the name of our new business. To me, it sums up the vitality and energy we want to see in our new organisation.”
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