Oil & Gas

Centrica given nine-year extension

Energy firm Centrica has been given a nine-year extension to continue production at one of its Norwegian assets.

The Vale development in the North Sea was expected to stop producing this year, but Centrica – which bought the condensate and gas field earlier this year – has been given until 2021 to continue operations.

The Norwegian petroleum directorate estimated Vale held 7.5million barrels of oil and 46billion cubic feet of gas at the start of this year.

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