A new outfit being created by the merger of Centrica's oil and gas division and Bayerngas Norge is to be called Spirit Energy, Centrica said today.
Centrica will hold 69% in the new company, while Bayerngas Norway's owners will hold the remaining 31%.
Chris Cox, who is currently leading Centrica's oil and gas business, will be the leader at Spirit Energy.
The company will have 2017 production of 50-55 MMboe from 27 producing fields, and 2P reserves and 2C resources totaling 625 MMboe.
Measured in production, the company will be the ninth largest on the Norwegian continental shelf, with a daily production of about 95,000 boe.
"It's now three months since we announced our intention to merge the two businesses," said Cox. "We are making good progress in the merger work, and there is great activity in both companies now as we approach the launch of Spirit Energy."
It is expected that the merger agreement will be finalized and Spirit Energy will be created by the end of 2017.
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