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Centrica to Own 50 pct Stake in North Sea Fields

British gas giant Centrica PLC said it was buying a 50 pct stake in the North Sea gas fields

British gas giant Centrica PLC said it was buying a 50 pct stake in the North Sea gas fields held by Sojitz Energy Project Ltd for $70 mln.

The investment, after associated capital expenditure, is expected to add a further 32 bln cubic feet of reserves to Centrica's portfolio over the next three years.

Following completion of the deal, which is conditional on certain third party consents, Centrica will hold a 92.5 pct interest in the producing Grove field and a 90 pct interest in the Seven Seas development, the Sloop gas discovery and associated exploration acreage, the company said in a statement.