Release date: 2 February 2020
Today, Shell, BP and the National Gas Company (NGC), as shareholders of Atlantic, met with the honourable Prime Minister Dr. Keith Rowley and members of Cabinet to progress discussions on the restructuring of the commercial arrangements that govern Atlantic’s operations.
It is expected that the negotiations amongst the Atlantic shareholders will result in the unitization of the Atlantic entities that own the four LNG trains into a single entity with a simplified commercial structure which will enable long- term investments in the upstream and at Atlantic. Unitization will also enable greater operating efficiency and flexibility and ensure that Atlantic continues to operate as a world class LNG facility that can compete with new sources of LNG supply in the Atlantic basin. The negotiations will also seek the equitable sharing of returns for both Trinidad and Tobago and the Atlantic shareholders.
Shell, BP and NGC as shareholders of Atlantic believe that restructuring will help ensure sustainability of Atlantic and will create the environment for future investments in Trinidad and Tobago’s gas industry. The parties also discussed their commitment to conclude negotiations on the extension of Atlantic Train 1 operations beyond March 2020.
William Lin, COO Upstream Regions BP said, “We remain committed to working with our partners in Atlantic and with the government to create a future structure for Atlantic that allows it to be a world class producer of LNG and one that ensures equitable returns for both the country and shareholders.”
De La Rey Venter, Executive Vice President Integrated Gas Shell said: “We were pleased to meet with the Prime Minister, members of his cabinet, and our Atlantic partners on the restructuring of the commercial arrangements that govern Atlantic’s operations. The successful conclusion of these negotiations will be a significant achievement for Trinidad and Tobago and Atlantic’s shareholders, as we seek to further secure the country’s energy future. We look forward to continuing these negotiations with our partners and working to achieve shared value for all stakeholders.”
Mark Loquan, President NGC said, “we consider these talks to be critical for the future given the strategic focus by the Government and NGC to seek greater value across the gas value chain for the people of Trinidad and Tobago.”
Those in attendance included:
Dr the Hon. Keith Rowley, Prime Minister of Trinidad and TobagoMark Loquan, President NGCWilliam Lin, Chief Operating Officer, Upstream Regions, BP De La Rey Venter, Executive Vice President, Integrated Gas Ventures, Shell, Claire Fitzpatrick, Regional President, BPTTThe Hon. Franklin Khan, Minister of Energy and Energy IndustriesThe Hon. Stuart Young, Minister of National Security and Minister in the Office of the Prime MinisterThe Hon. Alyson West, Minister of Public Administration and Minister in the Ministry of FinanceEugene Okpere, Vice President & Country Chair Shell Trinidad and TobagoAnders Ekval, Business Opportunity Manager, ShellRichard Eaton, Head of Planning and Commercial, BPTTVerlier Quan-Vie, Vice President, Commercial NGC.