SSE buys bigger share in gas fields

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.

SEE said the deal would increase its producing gas reserves by over 200m therms over the life of the fields.

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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.