Energy firm SSE said it was paying £33m to buy a bigger share in three North Sea gas fields.
The agreement with oil and gas independent Perenco will see SSE increase its equity stake in the Apollo, Minerva and Mercury fields in the Southern North Sea.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
It added the move reflected the company's "growing confidence and expertise in owning producing gas assets".
The firm currently has a 35% equity interest in Apollo and Minerva, and a 26.67% equity interest in Mercury.
As a result of this deal SSE's equity interest in all three fields will increase to 50% with Perenco holding the other half and acting as operator.
The news came as the utility business announced a 38% jump in profits in the first half.
-
73% of savers plan to rely on partner’s pension in retirementA new survey suggests the majority of people may lack financial independence in retirement, with almost three-quarters set to rely on their partner’s pension
-
How much you need to follow the 25x retirement rule – will you have enough to be financially independent?We explain what the 25x retirement rule is and the amount you would need to be financially independent in retirement.
