Centrica has agreed to sell its interests in Trinidad and Tobago gas assets to oil major Shell for a cash consideration of $30million.
The assets consist of a 17.3% interest in the producing NCMA-1 block and 80% and 90% operated interested in the undeveloped blocks NCMA-4 and block 22.
Centrica is also expected to receive further payments to Block 22 and NCMA-4 reaching agreed project milestones.
In a statement, Centrica said the divestment is in line with the firm’s strategy to focus on its exploration and production activity in the UK, Netherlands and Norway and to exit its positions in Canada and Trindad and Tobago.
The transaction is subject to government and partner approval and is expected to close in the first half of next year.
