Total SA has sold its exploration and production assets in Trinidad and Tobago to National Gas Co. of Trinidad & Tobago LLC for $473 million. The sale was completed on Sept. 30 and includes Total E&P Trinidad BV and Elf Exploration Trinidad BV.
The sale means that the NGC now holds a 30% working interest in Block 2(c), which includes the producing Angostura field, and 8.5% in Block 3(a). Total’s share of production is 15,000 boe/d.
The Greater Angostura field lies is in 36-46 m of water on the continental shelf, 37 km off Trinidad’s east coast and close to the Eastern Venezuela basin.
The shallow-water integrated oil and gas field development is operated by BHP Billiton (45%) on behalf of joint venture partners.
The discovery well, Angostura-1, was drilled in 1999. It cut 950 ft (gross) of gas pay. The hydrocarbon potential of the structure was confirmed by the drilling of Aripo-1, Kairi-1, Canteen-1, Kairi-2, Angostura-2, and Canteen-2 wells. Each of these exploration and appraisal wells also intersected sands. The Kairi and Canteen fault blocks contain most of the oil while Aripo has a thin oil rim overlain by a significant gas cap estimated at 1.75 tcf.
Total said the transaction has already been approved and the sale is part of its overall strategy to simplify its portfolio and divest noncore assets
Total has been present in exploration and production activities in Trinidad and Tobago since 1996.