Trinity Exploration & Production has agreed an acquisition of 80% interest in two offshore assets in Trinidad with Centrica for $23million.
The blocks 1a and 1b, located off the west coast of the country and nearby Trinity’s Brighton Marine infrastructure, contain four gas discoveries at a best estimate of contingent resources of 268billion cubic feet.
The gas is fully appraised as of “excellent quality”, with six shallow water wells and a 3D dataset in pace.
The acquisition increases Trinity’s resource base by 42%, with the gas produced destined for sale to the domestic gas market in Trinidad.
The company is targeting first production between 2017 and 2018 with an expected plateau production rate of 80 million cubic feet per day.
“This is an important strategic transaction for Trinity, both in terms of our resource base and the development potential of our business,” said Joel Pemberton, Trinity’s chief executive.
“We are acquiring four high quality gas discoveries which can be rapidly monetised with a conventional low cost field development plan.
“Trinidad is a well-developed, world class domestic gas market with a need for significant new volumes in the near term. It is our intention to secure a gas sales agreement and finalise a field development plan in the next 12-18 months.”
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