* Centrica acquires Suncor Trinidad assets
* Pays $380 million for 60 mmcf to 70 mmcf per day
* Suncor asset sales now total C$1.3 bln
(Adds details. In U.S. dollars unless noted)
LONDON, Feb 25 Centrica (CNA.L) will buy the
Trinidadian gas properties of Suncor Energy Inc (SU.TO) for
$380 million, giving the owner of British Gas its first toehold
in a liquefied natural gas project, the company said on
The deal to acquire Suncor's portfolio of assets in
Trinidad and Tobago gives the owner of Britain's biggest
household energy supplier a secure source of gas from the
Caribbean country over the long term.
"This is a significant move into one of the world's most
established LNG areas providing us with access to both
gas-producing and development blocks," Centrica Chief Executive
Sam Laidlaw said, announcing the deal with the company's 2009
"This agreement builds further on our upstream capability
and marks a step change in our global gas position."
Suncor, Canada's largest energy company, is selling the
properties as its looks to winnow its holdings following its
C$22.7 billion ($21.1 billion) purchase of Petro-Canada last
year and raise cash to expand its Canadian oil sands
With the sale of its Trinidad assets, following on the
disposal of gas properties in Colorado and Western Canada,
Suncor has now raised C$1.3 billion and still plans to sell
some assets in the North Sea and the Netherlands.
Centrica said production from its new properties should
average between 60 million to 70 million cubic feet per day in
The properties include a 17.3 percent stake in the North
Coast Marine Area (NCMA-1) production area and equity interests
in three blocks; Blocks 22, 1(a) and 1(b), for future
The NCMA-1 block, which supplies gas to Trinidad's Atlantic
LNG facility, holds remaining working gas interests of 266
billion cubic feet (bcf) of proven and probable reserves
attributable to Centrica's 17.3 percent stake.
Gas produced from the block has been contracted to a third
party until 2023.
Block 22 and Blocks 1(a) and 1(b) comprise 90 and 80
percent operated interests, respectively, with recoverable
resources attributable to Centrica estimated at 1.34 trillion
Centrica said on Thursday it took delivery of 15 LNG
cargoes in Britain last year and has contracted another seven
Trinidad and Tobago is one of the biggest exporters of the
super-cooled gas in the Atlantic, supplying over half of the
LNG going into the United States and also supplying Europe and
Centrica has an existing gas asset in Trinidad and Tobago
through an equity interest in Block 2(ab).
(Additional reporting by Scott Haggett; editing by Peter
(Reporting by Daniel Fineren; Editing by Michael Urquhart)