Calgary-based Suncor Energy Inc., which became Canada’s largest producer following its acquisition of Petro-Canada Corp. last year, on Thursday said it would sell some natural gas-weighted assets in Trinidad and Tobago for $380 million to UK-based Centrica plc.

Suncor, which acquired the assets when it merged with Petro-Canada (see Daily GPI, Sept. 4, 2009), has been selling some properties to keep its core focus on Canadian oilsands (see Daily GPI, Nov. 16, 2009). The Trinidad and Tobago properties, to be sold to Centrica Resources (Armada) Ltd., currently produce 60-70 MMcfe/d net from Suncor’s 17% stake in the North Coast Marine Area fields there. In addition, the agreement includes equity in three additional blocks: Block 22 (90%); and Blocks 1a and 1b (80%).

The sale, which requires approval by the Trinidad and Tobago government, is expected to close by the end of March. Suncor said that to date it has reached agreements to sell noncore assets worth about $1.3 billion. Still to be sold are some natural gas assets in Western Canada and the U.S. Rockies, as well as some North Sea assets and all of its properties in The Netherlands.

©Copyright 2010Intelligence Press Inc. All rights reserved. The preceding news reportmay not be republished or redistributed, in whole or in part, in anyform, without prior written consent of Intelligence Press, Inc.