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New Atlantic structure to benefit T&T

Release date:
5 December 2023
 
The restructured ownership and commercial framework will allow for an intensified focus on operational efficiency and reliability of Atlantic. For investors, it will provide the certainty required for sanctioning the next wave of upstream gas projects.

Trinidad and Tobago Prime Minister Dr The Honourable Keith Rowley and Minister of Energy and Energy Industries The Honourable Stuart Young met with representatives from bp, Shell and the National Gas Company (NGC) in London on December 5 to formally mark the completion of all contractual agreements for the restructuring of Atlantic LNG.

 

The shareholders and the Government have agreed to a new ownership structure and to a new commercial framework for the company. 


Highlights of the new structure:

  • The National Gas Company (NGC) will increase its equity share in Atlantic LNG, consistent with the commitment by the Government to maximise value to the country from the sale of hydrocarbon resources. 
  • The new structure will also facilitate a market-reflective pricing mechanism that provides fair value from the sale of LNG for both the country and the shareholders.
  • The restructured ownership and commercial framework will allow for an intensified focus on operational efficiency and reliability of Atlantic.
  • For investors, it will provide the certainty required for sanctioning the next wave of upstream gas projects.

 

 

 

bpTT president David Campbell: “bp welcomes the new structure for Atlantic LNG which has come as a result of close collaboration with all stakeholders. The new structure will benefit both the Government of Trinidad and Tobago as well as Atlantic’s shareholders. For bp, the new structure sets a strong foundation for future investment in T&T’s energy industry, including the deepwater. I wish to recognise Dr. The Honourable Keith Rowley Prime Minister of Trinidad and Tobago, and The Honourable Stuart Young M.P., Minister of Energy and Energy Industries, for their personal stewardship of these complex negotiations.”

 

 

 

 

EVP G&LCE Anja-Isabel Dotzenrath: “I congratulate the Government of Trinidad and Tobago, my colleagues at bpTT and fellow shareholders on concluding negotiations for the restructuring of Atlantic LNG. T&T is an excellent example of meeting the world’s developing energy needs and the new structure for Atlantic will help to maintain momentum in the country's energy sector.”