Chevron exits T&T; sells gas assets to Shell for US$250 million

Wednesday, May 31, 2017 - 13:00

Just months after Centrica sold off its interests in Trinidad and Tobago, another gas company has announced its departure.

Chevron has struck a US$250 million deal to sell off its Trinidad & Tobago assets to fellow supermajor Shell.

The US player said on Monday it entered an agreement to sell all shares in Chevron Trinidad & Tobago Resources to the Anglo-Dutch giant, in addition to all interest in its liquefied natural gas marketing and transportation company, Trinling Limited.

"Chevron confirms it will be exiting Trinidad & Tobago," a spokeswoman said. 

The deal includes Chevron’s Trinidad and Tobago’s interest in the 10T cf Loran Manatee cross-border gas field shared with neighboring Venezuela.

However, Chevron retains its interest in the block on the Venezuela side of the border.

Shell has been expanding its holdings in Trinidad and Tobago since its purchase of BG Group and is seeking to rival BP as the biggest player in the area.

In December last year, Centrica announced that it had agreed to sell its gas interests in Trinidad and Tobago to Shell for an initial cash consideration of US$30 million.

The assets consisted of a 17.3% stake in the producing NCMA-1 block and operated 80% and 90% interests in the undeveloped block NCMA-4 and block 22.