Apr 2017 Financial News

NGC reports progress in gas supply talks

Apr 18, 2017

National Gas Company (NGC) chairman Gerry Brooks says a team from the company has substantially completed negotiations on a new supply agreement which will support the sanction of the Angelin project.

This is linked to bpTT’s planned US$5 billion investment in future development which is expected to assist in alleviation of the gas shortage .

Brooks and NGC president Mark Loquan said Angelin will build on “recent game-changing initiatives in Trinidad and Tobago, such as the Trinidad Offshore Compression (TROC), Juniper, and Dragon projects.”

They said the Angelin gas development project, combined with these projects, will stabilize gas production against projected decline.

Commenting on the negotiations, Brooks commended the NGC and bpTT teams for the very responsible and constructive manner in which the talks were conducted.

Discussions are taking place with other upstream companies, including Shell, a partner on the historic Dragon project with Venezuelan state oil and gas company, Petroleos de Venezuela SA (PDVSA).

Brooks said those discussions are progressing actively. Meetings in Trinidad last week resulted in the formation of commercial and technical teams and all parties working toward timely completion of the gas supply agreement and have agreed to move forward with greater collaboration.

Brooks and Loquan said to pre-empt future gas shortages in T&T, discussions and negotiations around future projects must be conducted with appropriate lead times.

Source:
Trinidad Guardian
Saturday April 15, 2017

http://www.guardian.co.tt/business/2017-04-15/ngc-reports-progress-gas-supply-talks