Centrica climbs following joint venture’s decision to sell Cygnus gas field stake

Published 20/05/2025, 09:34
© Reuters.

Investing.com -- British energy supplier Centrica (OTC:CPYYY)’s shares rose 1.7% on Tuesday following the announcement that Spirit Energy, its joint venture with German utility Stadtwerke München GmbH (SWM), will sell a 46.25% stake in the Cygnus gas field.

The stake is being sold to Ithaca Energy (LON:ITH) for approximately 116 million pounds ($155.05 million).

The Cygnus gas field is located in the southern North Sea and is one of the largest gas fields in the region.

The sale of the stake by Spirit Energy, a joint venture between Centrica and SWM, is part of a broader strategy to streamline operations and focus on core assets.

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