Wednesday 21 August, 2019

Chevron exiting T&T; sells assets to Shell

Chevron will be exiting the Trinidad and Tobago market.

The company is reportedly selling all of its shares in T&T to Shell in a $250 million deal.

According to international reports, the deal was signed on May 29 for Chevron Trinidad and Tobago Resources SRL (CTTR), in addition to all of Chevron’s stake in Trinling Ltd., an LNG marketing and transportation company.

Shell subsidiary BG Gas International Holding will also take CTTR’s non-operated interest in Block E, Block 5(a) and Block 6, in the East Coast Marine Area offshore Trinidad.

CTTR holds 50 percent interest in the Shell-operated Block E, Block 5(a), and Block 6, which includes the Dolphin, Dolphin Deep, and Starfish natural gas fields.  

Chevron also holds 50 percent stake in Trinling, which ships and sells LNG worldwide and 50 percent stake in its operated Manatee natural gas field. Chevron will, however, continue as operator of the Loran-Manatee unit.

Last December, Centrica sold its entire portfolio of gas assets in Trinidad and Tobago to Shell Exploration and Production for an initial cash consideration of $30 million.

The assets consisted of a 17.3 per cent interest in the producing NCMA-1 block and 80 per cent and 90 per cent operated interests respectively in the undeveloped blocks NCMA-4 and Block 22.

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