Centrica Acquires ChevronTexaco Assets

The Centrica company has agreed to buy offshore oil and gas assets in British and Norwegian waters from the United States oil giant Chevron Texaco. The deal is said to be worth about pounds 60.7m.

In a statement, the company said: "The acquisitions will add around 280 million therms of gas and 9 million barrels of oil to Centrica's portfolio, with a further development option to significantly boost reserves."

The company hopes to acquire enough gas assets to supply 25 per cent of the needs of its British Gas customers.