Centrica, the owner of British Gas, has been eying a possible bid for RWE’s North Sea oil and gas assets for up to €2bn (£1.7bn). The FTSE 100 energy company has been working with bankers from Citigroup, the Telegraph reported this weekend. The move comes as German power company RWE looks to sell assets, including all or part of its oil and exploration unit RWE-DEA, to bolster its debt-laden balance sheet.
It is thought RWE-DEA’s North Sea oil and gas assets could be worth between €1bn and €2bn (£857bn-£1.71bn).
RWE began searching for buyers for some assets earlier this year after the German government decided to close the country’s 17 nuclear power stations by 2022. It was reported that RWE is hoping to raise €11bn from divestments.