Centrica plc 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 (£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.

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 the first half of 2017.

Notes:
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.

About Centrica

Centrica is an international energy and services company. Everything we do is focused on satisfying the changing needs of our customers. We supply energy and energy-related services to around 28 million customer accounts mainly in the UK, Ireland and North America, through strong brands such as British Gas, Direct Energy and Bord Gáis Energy supported by around 12,000 engineers and technicians.
Our Energy Marketing & Trading business operates in LNG trading optimisation and risk-management for customers. Centrica is a FTSE 50 company based in Windsor, UK.

About Royal Dutch Shell plc

Royal Dutch Shell plc is incorporated in England and Wales, has its headquarters in The Hague and is listed on the London, Amsterdam, and New York stock exchanges. Shell companies have operations in more than 70 countries and territories with businesses including oil and gas exploration and production; production and marketing of liquefied natural gas and gas to liquids; manufacturing, marketing and shipping of oil products and chemicals and renewable energy projects.