Chevron sells its Trinidad subsidiary with offshore gas fields to Shell

Chevron sells its Trinidad subsidiary with offshore gas fields to Shell

Chevron is selling its Trinidad and Tobago subsidiary to a subsidiary of fellow supermajor Royal Dutch Shell, including stakes in three offshore developments.

The deal, estimated at around $250m value, means San Ramon, California-based Chevron is selling all its shares in Chevron Trinidad and Tobago Resources (CTTR) to Shell’s UK-based acquisition BG International.

CTTR has half stakes in natural gas fields offshore the dual-island nation in the East Coast Marine Area (ECMA), which comprises the Dolphin, Dolphin Deep and Starfish gas fields.

Last year the three fields combined produced a daily average of 74 million cubic feet (MMcf) of natural gas.

The transaction should close by the end of June.

Chevron is also selling part of its stake in the Manatee gas field that straddles the maritime border that Trinidad and Tobago shares with Venezuela.

And it is selling its entire stake in transportation and marketing firm Trinling.

Donal Scully

With 28 years experience writing and editing for newspapers in the UK and Hong Kong, Donal is now based in California from where he covers the Americas for Splash as well as ensuring the site is loaded through the Western Hemisphere timezone.

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