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WPC 20: Centrica signs further agreement with QP

British utility company looking to tie up long-term LNG needs

British utility company looking to tie up long-term LNG needs.
British utility company looking to tie up long-term LNG needs.

British utility company Centrica – the owner of British Gas - has signed a major agreement with Qatar Petroleum at the World Petroleum Congress in Doha.

Under a memorandum of understanding signed at the conference, Centrica will work with QP to examine investment opportunities in a bid to shore up long-term LNG gas supply.

""Investment targets will include new or existing projects in upstream oil and gas including, where appropriate, liquefied natural gas (LNG), gas storage as well as combined-cycle gas turbine (CCGT) generation assets and downstream opportunities, in accordance with each company's strategic priorities," said a Centrica company statement released today.

A Reuters report says Centrica is targeting a 50% production increase to 75 million barrels of oil equivalent annually in the next three to five years.

Centrica also said last month it would invest in its upstream oil and gas business to strengthen its energy hedge.

Today’s agreement follows a previous LNG deal signed by the parties earlier this year.

"The partnership will enable us to jointly develop significant energy investments that will further boost the long-term security of the UK's gas supply," Centrica CEO Sam Laidlaw said in a statement.

"We will also explore joint opportunities to deploy capital and expertise in other markets to deliver growth and value for the group," Laidlaw added.

 

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