Centrica raises stake in North Sea Oil field

Centrica said it will increase its stake in the Statfjord field in the North Sea, providing the owner of household energy supplier British Gas with a further source of gas supply.

The company said it had agreed to pay ConocoPhilips $223m (£142.3m) for its interests in the field, which straddles the UK and Norwegian North Sea.

The acquisition will leave Centrica with a 34 per cent stake in the field, and provide it with additional reserves of 36 m barrels of oil equivalent, Centrica said in a statement on Monday.

"This acquisition...underlines our commitment to invest in North Sea production and secure future energy supplies for the UK," said Managing Director Mark Hanafin.

Last year, Centrica announced a ten-year gas deal and asset buy from Statoil as it moved to shore up declining UK output and secure future energy supplies.