Centrica to sell Trinidad and Tobago assets

British Gas owner Centrica has agreed to sell its entire portfolio of gas assets in Trinidad and Tobago to Shell Exploration and Production for an initial consideration of $30m (£24m).

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

In addition to the initial consideration, Centrica will receive further payments subject to Block 22 and NCMA-4 reaching agreed project milestones.

Centrica said the sale – which is expected to close in the first half of 2017 – is in line with its strategy to focus exploration and production activity in the UK, the Netherlands and Norway and exit Canada and Trinidad and Tobago.

At 1245 GMT, the shares were up 1.3% to 212.60p.