Shell is set to purchase Chevron’s shareholdings in three blocks off Trinidad’s east coast.
Shell signed an agreement today to acquire the interests of Chevron’s subsidiary in Trinidad and Tobago, including its holdings in the the East Coast Marine Area Blocks 6, 5a and E. This agreement is subject to certain customary conditions.
“Trinidad and Tobago represents a rich opportunity for us to continue building our integrated gas position in country and securing new competitive production,” said Derek Hudson, Vice President Shell Trinidad and Tobago. “Shell continues to actively evaluate other options to increase supply from our existing assets, as well as pursue additional opportunities such as the previously announced purchase of Centrica’s interests in the North Coast Marine Area.”
This transaction, for approximately US$ 250 million, will allow Shell to optimize its developments across the East Coast Marine Area, a core component of Shell’s interests in Trinidad and Tobago supplying gas to both the domestic market and Atlantic LNG. The deal is expected to close around mid-year.