OilVoice - Suncor Agrees to Sell Non-Core Assets in Trinidad and Tobago to Centrica

Suncor Agrees to Sell Non-Core Assets in Trinidad and Tobago to Centrica

Thursday, February 25, 2010

Suncor Energy announces that, together with affiliates, it has reached an agreement to sell its assets in Trinidad & Tobago to Centrica plc through its subsidiary Centrica Resources (Armada) Limited for US$380 million (Cdn $396 million). Current production is in the range of 60 to 70 million cubic feet of natural gas equivalent per day (mmcfe/d) net to Suncor from the 17.3% working interest in North Coast Marine Area (NCMA-1) included in the assets. The sales agreement also includes equity in three additional blocks: Block 22 (90% working interest) and Blocks 1a and 1b (80% working interest).

The sale is expected to close on or about the end of the first quarter 2010 and is subject to customary closing conditions, Trinidad and Tobago government approval and other regulatory approvals.

As part of its strategic business alignment, Suncor plans to divest of a number of non-core assets. The proposed divestments include certain natural gas assets in Western Canada and the United States Rockies and certain non-core North Sea assets, including all assets in The Netherlands.

To date, including the sale announced today, Suncor has reached agreements to dispose of non-core assets for aggregate consideration of approximately $1.3 billion.

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