Niko and Centrica are to invest $70m in three offshore exploration wells in Trinidad and Tobago this year.

Niko and Centrica, along with Trinidad and Tobago-based Petrotrin, formed a joint venture for block 2ab, reports Reuters.

Niko Resources manager Ajith Muralidharan said drilling is expected to start in September and the survey has shown prospects with substantial potential.

Trinidad and Tobago energy minister Carolyn Seepersad-Bachan welcomed the drilling plan and expects exploration activities to pick up after a noticeable decline over the last two years.