Centrica plc has agreed to sell its entire portfolio of gas assets in T&T to Shell Exploration and Production for an initial cash consideration of US$30 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.
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 T&T
The transaction is subject to government and partner approval and is expected to close in the first half of 2017.
Centrica entered T&T 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 Centrica sold its 80 per cent operating interests in Blocks 1a and 1b to De Novo Energy.