By OGJ editors
HOUSTON, Jan. 28 -- A Centrica PLC subsidiary agreed to buy ChevronTexaco Corp.'s interests in two oil and gas fields off the UK for $108 million.
Centrica Resources Litd. is acquiring a 33.33% interest in the UK side of Statfjord oil and gas field and a 50% interest in Orwell gas field in the southern North Sea.
The acquisitions will add 280 million therms of gas and 9 million bbl of oil to Centrica's portfolio, with a development option to significantly boost reserves. Additional investment to complete this development by 2007 could provide another 600 million therms of gas and 9 million bbl of oil.
Subject to regulatory approval, closing is expected in March or April.
