Friday, February 25, 2011

Centrica plc reported 2010 preliminary results; production up 43% compared to 2009; plan to invest £1.5 billion ($2.42 billion) in 2011

Centrica reported 2010 gas and liquids production volumes increased by 43%, with gas volumes up 48% at 2,520 bcf (2009: 1,699 bcf), and oil and condensate volumes up 26% to 11.1mmboe (2009: 8.8mmboe), reflecting the acquisition of Venture in 2009, good asset performance and higher volumes from Morecambe, which was shut in for parts of 2009.

Delivering value from enlarged upstream business:

- Upstream gas and oil production volume up 43% due to strong Morecambe performance and a full year's contribution from Venture

- 163% production replacement ratio in UK upstream gas and oil 

- Centrica invested £1.7 billion ($2.75 billion) in 2010; £1.5 billion ($2.42 billion) organic investment program for 2011. £450 million ($720.4 million) investment approved to develop York and Ensign gas fields in the UK North Sea

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