Offshore staff
WINDSOR, UK – Centrica has agreed to sell its gas interests in Trinidad and Tobago to Shell Exploration and Production for an initial cash consideration of $30 million.
The assets consist of a 17.3% stake in the producing NCMA-1 block and operated 80% and 90% interests in the undeveloped block NCMA-4 and block 22.
On reaching of certain project milestones, Centrica will receive further payments.
The company entered Trinidad and Tobago in 2010 through the acquisition from Suncor of interests in NCMA-1 and blocks 22, 1a and 1b. It gained its interest in NCMA-4 the same year under a shallow water bid round in the same year.
Centrica’s says the divestment is in line with its strategy is to focus its E&P activity in the UK, Netherlands, and Norway.
The transaction, subject to government and partner approval, will likely close in the first half of 2017.
12/01/2016
