UK’s Centrica has decided to sell all of its gas fields offshore Trinidad & Tobago to Shell.
In a statement on Tuesday, Centrica said Shell would buy its entire portfolio of gas assets, located offshore the Caribbean Country, for an initial cash consideration of $30 million (£24 million).
The assets consist of a 17.3 per cent interest in the producing NCMA-1 block and 80 per cent and 90 per cent 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, Centrica said.
“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 company provided rationale behind the decision to sell.
The transaction is subject to government and partner approval and is expected to close in the first half of 2017.
Centrica entered Trinidad & Tobago in 2010 with the acquisition from Suncor of interests in NCMA-1 and Blocks 22, 1a and 1b. It was awarded its interest in NCMA-4 as part of a shallow water bid round in the same year.
In April 2016 Centrica sold its 80 per cent operating interests in Blocks 1a and 1b to De Novo Energy.
That Centrica is indeed focusing on Norway, speaks the fact that the company on Wednesday filed the plan for Development and Operation (PDO) of the Oda field to the Norwegian Ministry of Petroleum and Energy.