Centrica plc entered a deal to sell its entire portfolio of gas assets in Trinidad and Tobago to Shell E&P for an initial cash consideration of US$30 million (£24 million).
The assets consist of a 17.3% interest in the producing NCMA-1 block and 80% and 90% operated interests respectively in the undeveloped blocks NCMA-4 and Block 22.
In addition to the initial consideration, Centrica will receive further payments subject to Block 22 and NCMA-4 reaching agreed project milestones.
The divestment is in line with Centrica’s strategy to focus its E&P activity in the UK, Netherlands and Norway and to exit its positions in Canada and Trinidad and Tobago.
The transaction is subject to government and partner approval and is expected to close in 1H 2017.
The North Coast Marine Area Block (NCMA-1) contains four gas fields to the north of the island of Trinidad: Hibiscus, Chaconia, Poinsettia and Poinsettia Southwest. They were discovered in the late 1970s/early-1980s and Hibiscus was the first field to come on-stream in 2002. It was developed to supply gas to Atlantic LNG's (ALNG) Trains 2 and 3. NCMA-1 is 60km north of Trinidad in the Caribbean Sea.
Block 22 contains two gas discoveries. The first discovery, Cassra was made in 2007 and the second Sancoche in 2008. It is 25km north of the island of Tobago in the Caribbean Sea.
NCMA-4 contains two gas discoveries, Orchid and Iris. It is 50km west of the island of Trinidad and west of Tobago in the Caribbean Sea. Blocks 1a and 1b Block 1a contains three gas discoveries, Iguana, Zandolie West and East.
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