Additional Information
Market: LSE
Sector: Energy
EPIC: CNA
Latest Price: 324.30p  (0.70% Ascending)
52-week High: 403.20p
52-week Low: 303.20p
Market Cap: 16,324.28M
1 year chart More charts
Deal CNA Tax Free*
*subject to change and depends on individual circumstances.
1 day chart More charts
Advertisement
Watchlist/Portfolio

Add to watchlist:

Only registered members can add into watchlist !

Register here !
Deal Centrica Tax Free* Losses can exceed
your initial deposit
*subject to change and depends on individual circumstances.

Centrica plc is an integrated energy company operating predominately in United Kingdom and North America. In the United Kingdom, it operates three segments: upstream, downstream and storage.

Pdf

Centrica to buy Suncor gas assets in Trinidad and Tobago for £246 mln

February 25 2010, 7:30am Centrica to buy Suncor gas assets in Trinidad and Tobago for £246 mln

British Gas parent company Centrica PLC (LSE: CNA) said it has signed an agreement with Suncor Energy (TSX: SU, NYSE: SU), under which Centrica will acquire Suncor’s Trinidad and Tobago portfolio of gas assets for £246 million in cash.

This acquisition provides Centrica with its first producing Liquefied Natural Gas (LNG) position and significant development opportunities for future, long-term LNG supplies,it said in a statement.

This portfolio of gas assets comprises a 17.3 percent stake in the North Coast Marine Area (NCMA-1) gas production area and equity interests in three blocks; Blocks 22, 1(a) and 1(b), for future development.

The NCMA-1 block currently supplies gas into the Atlantic LNG facility, and holds remaining working interests of 266 billion cubic feet (bcf) of proven and probable (2P) reserves attributable to Centrica’s 17.3 per cent stake. This will provide Centrica with 60-70 million standard cubic feet per day (mmscfd) of gas production in 2010.

Gas produced from NCMA-1 has been contracted to a third party on a long-term basis until 2023, achieving international gas prices with any additional benefits from diversion being shared between the partners.

Gas development opportunities in Block 22 and Blocks 1(a) and 1(b) comprise a 90 percent and 80 percent operated interest respectively and contain significant contingent gas resources, with recoverable resources attributable to Centrica’s equity stakes estimated at 1.34 trillion cubic feet (tcf). Centrica will consider options for the development of these gas discoveries together with appropriate equity partnerships. Blocks 1(a) and 1(b) of just under 0.2 tcf are subject to pre-emption from existing field partners.

Centrica CEO Sam Laidlaw said: “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. Combined with last year’s acquisition of Venture Production, this agreement builds further on our upstream capability and marks a step change in our global gas position.”

No investment advice

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.

You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.

From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.