Friday, February 26th 2010
Canadian company Suncor Energy is selling its natural gas asset in Trinidad and Tobago to Centrica plc, another foreign firm.
Suncor will sell its assets to Centrica through a subsidiary, Centrica Resources (Armada) Ltd, for US$380 million.
Current production is in the range of 60 million to 70 million cubic feet of natural gas equivalent per day to Suncor from its 17.3 per cent stake in Trinidad’s North Coast Marine Area block NCMA-1.
The sales agreement also includes equity in three additional blocks: Block 22 and Blocks 1a and 1b.
The sale is expected to close on or about the end of the first quarter and is subject to Government approvals and other regulator approvals, Suncor Energy said in a statement yesterday.
The sale is part of Suncor’s divestment of a number of non-core assets.
Divestments also include natural gas assets in Western Canada, the United States Rockies and assets in the Netherlands.
Ex-Caroni fallout
Canadian company Suncor Energy is selling its natural gas asset in Trinidad and Tobago to Centrica plc, another foreign firm.
Suncor will sell its assets to Centrica through a subsidiary, Centrica Resources (Armada) Ltd, for US$380 million.
Current production is in the range of 60 million to 70 million cubic feet of natural gas equivalent per day to Suncor from its 17.3 per cent stake in Trinidad’s North Coast Marine Area block NCMA-1.
The sales agreement also includes equity in three additional blocks: Block 22 and Blocks 1a and 1b.
The sale is expected to close on or about the end of the first quarter and is subject to Government approvals and other regulator approvals, Suncor Energy said in a statement yesterday.
The sale is part of Suncor’s divestment of a number of non-core assets.
Divestments also include natural gas assets in Western Canada, the United States Rockies and assets in the Netherlands.
Ex-Caroni fallout
Source: http://www.trinidadexpress.com/index.pl/article_business?id=161600741
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