CAIRN Energy is eyeing a move into the Caribbean oil and gas market along with a well-known veteran of the North Sea industry.
Edinburgh-based Cairn has teamed up with the Trinity Exploration and Production business led by Bruce Dingwall to look at opportunities in Trinidad and Tobago.
Mr Dingwall founded Trinity after playing a key role in the development of North Sea-focused Venture Production, which was bought by energy giant Centrica for £1.3 billion in 2009.
READ MORE: Leading oil and gas entrepreneur says now may be time to invest in North Sea
Mr Dingwall developed Trinity out of assets in Trinidad and Tobago acquired from Venture in 2005, a year after he left the company.
He set out to capitalise on opportunities he thought had been missed by majors that focused on gas off Trinidad and Tobago.
Mr Dingwall was born in Trinidad to English parents.
Trinity has concentrated on Trinidad and Tobago but has maintained links with Scotland and runs its business development functions from Edinburgh.
The Aim market-listed company said yesterday that it had made good progress over the past year, despite the challenges posed by the fallout from the coronavirus crisis. It can produce oil and gas relatively cheaply.
READ MORE: Dingwall's island venture
Trinity has been encouraged by the recovery in oil prices that has accompanied the rollout of coronavirus vaccines to look at expansion moves.
These include an opportunity to acquire acreage off the west coast of Trinidad. The company has been short-listed in the North West District onshore exploration bid round.
It told investors: “We are continuing to jointly evaluate both of these opportunities alongside Cairn Energy.”
Cairn did not comment on the announcement.
READ MORE: Scottish firm lines up $1bn deal to buy into giant gas field off Israel
However, the company has shown its readiness to consider new opportunities around the world in recent weeks.
Last month Cairn announced that it planned to make a $320m move into Egypt, through the acquisition of Shell’s onshore business in the country with a local partner. It also struck a deal to sell North Sea production assets for $460m.
Earlier this month Cairn was reported to be in talks to buy a stake in a giant gas field off Israel from Delek for around $1bn. It was awarded exploration acreage off Israel in 2019.
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