Trinity Exploration & Production has agreed to acquire Centrica’s 80% interests in two offshore Trinidad blocks for a headline payment of $23m.
Under the agreement, Trinity will acquire Centrica’s interests in Blocks 1a and 1b, which are located off the west coast of Trinidad and Tobago in the shallow waters of the Gulf of Paria.
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The blocks contain four gas discoveries and have aggregate gross 2C resources of 268 billion cubic feet.
Trinity said the gas is fully appraised but currently undeveloped and it is targeting first production from the project in 2017/18 for sale to the domestic gas market in Trinidad.
The company said the project will be a fast-track, low-cost greenfield development with an estimated plateau production rate of 80 million cubic feet of gas per day.
The transaction, which is subject to regulatory approvals, is expected to be completed in the third quarter of 2014.
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By GlobalDataTrinity CEO Joel Pemberton said: "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."
Trinity, which focuses on Trinidad and Tobago, operates assets onshore and offshore on both the West and East coast.
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