Signing the Centrica Joint Venture Contract are from left, Director of Centrica Energy Richard Mew, Minister of Energy Senator Conrad Enill, Petrotrin Director Andrew Jupiter and Petrotrin President Kenneth Allum.

On July 8^th 2009, Minister of Energy and Energy Industries Senator the Honourable Conrad Enill, Petrotrin President Mr. Kenneth Allum, and Upstream Business Director of Centrica Energy Mr. Richard Mew signed a Profit Sharing Contract (PSC) for the exploration of Block 2 (ab) located off the East Coast of Trinidad. 

This 1,605 km sq shallow water offshore block is located in a highly prospective region. It lies between the onshore Balata East and Central Range Block in the west and the Angostura Field on the offshore eastern area.

The signing took place at the Hyatt Regency on Wrightson Road, Port of Spain and was witnessed by specially invited guests, senior officials of the Ministry of Energy, Petrotrin and Centrica, as well as a large contingent of members of the media. 

Centrica Energy, who is doing business in this country for the first time, is expected to invest US$48 million over the next three years. 

According to a press release issued by the company, Centrica Energy is a top FTSE 100 company with growing energy businesses in UK, North America and Europe, securing and supplying gas and electricity for millions of homes and businesses. The Company was demerged from the former British Gas plc  in 1997, and is considered to be the UK’s leading provider of energy and energy-related services. 

Minister of Energy Conrad Enill remarked that the continued interest of independents in Trinidad and Tobago’s energy sector demonstrates their confidence in this country and the soundness of the economic policies adopted by the Government. 

Petrotrin’s President Kenneth Allum remarked: “This (event) underscores Petrotrin’s commitment to creating synergistic relationships with suitable local and foreign partners. Currently our Company is involved over 16 joint venture arrangements and these have consistently impacted positively on our profitability.” 

Mr. Allum gave details of the Minimum Work Program. He said that under the terms of the contract, Centrica and Petrotrin are required to acquire eight hundred and sixty four square kilometres (864) of full fold 3D seismic and to reprocess existing 3D seismic data over the Contract area. 

During the drilling phases Centrica and Petrotrin are required to drill at least four Exploration Wells with depths between 2,500 to 3,500 metres. These wells are expected to be spudded within 18 months of the effective dates of the Contract.