Centrica and Bayerngas Norge to create E&P joint venture

摘要

Centrica plc and Stadtwerke Miinchen GmbH (SWM) have reached an agreement to combine Centrica's European oil and gas exploration and production business with Bayerngas Norge AS to form a newly incorporated joint venture and create a leading independent European E&P company. The TV will have two shareholding entities. Centrica will own 69% and Bayerngas Norge's existing shareholders, led by SWM and Bayerngas GmbH, will own 31%. The effective date of the transaction is 1 January 2017 and it is expected to close in the fourth quarter of 2017, subject to competition and regulatory approvals and other conditions. The JV will create a strong and sustainable European E&P business by combining Centrica's cash-generative and relatively near-term production profile with Bayerngas Norge's more recently on-stream producing assets and development portfolio.