Centrica sells Trinidad and Tobago gas assets to Shell
WINSOR, United Kingdom -- Centrica has agreed to sell its entire portfolio of gas assets in Trinidad and Tobago to Shell Exploration and Production for an initial cash consideration of $30 million.
The assets consist of a 17.3% interest in the producing NCMA-1 Block and operated interests in two undeveloped blocks: NCMA-4 (80%) and Block 22 (90%).
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 expected to close in the first half of 2017.
