UPDATE 1-UK's Centrica signs Trinidad gas block deal

Thu Jul 9, 2009 9:48am EDT
 
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LONDON, July 9 (Reuters) - Centrica (CNA.L) signed an agreement on Wednesday with Trinidad's energy ministry to take ownership of an initial 65 percent interest in gas exploration Block 2(ab) off the east coast of the island, the company said on Thursday.

The Petroleum Company of Trinidad and Tobago Limited (Petrotrin) will hold 35 percent, while Centrica has signed another agreement to pass on equity to Japan's NIKO Resources (NKO.TO) and Canada's Voyager Energy.

Centrica would then be left with a 29.25 percent equity stake in the block, subject to approval from the government of Trinidad and Tobago.

The company did not give any financial details for the deals to share the shallow water offshore block between the onshore producing Balata East field and the offshore producing Angostura Field.

Centrica was initially awarded the block along with Britain's Tullow Oil (TLW.L) after bidding in 2006 but Tullow has since exited Trinidad and Tobago, leaving the parent company of British Gas to look for new partners.

State-owned Petrotrin signed a $40-million deal on Tuesday for Voyager to look oil and gas in the Guayaguayare Blocks in the southeastern region of the twin-island Caribbean nation. (Reporting by Daniel Fineren, Editing by Peter Blackburn)

 

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