PORT-OF-SPAIN – THE Government of Trinidad and Tobago and Shell Trinidad and Tobago Limited have finalised negotiations on gas-related issues.
This according to a release from the Ministry of Energy and Energy Industries on Monday.
The release stated that in April 2018, a team led Prime Minister Dr Keith Rowley held discussions with the executive management of Shell in London on gas-related issues.
“These discussions led to the appointment of empowered negotiating teams to resolve these issues,” the release stated.
The release stated that after the first meeting in August 2018 and following negotiations a Heads of Agreement was agreed to and executed on May 29, 2019 by the Government and Shell at Shell’s Head Office in the Hague, Netherlands.
“Under the terms of the Heads of Agreement, the agreement reached between the Government and Shell comes into effect on the finalisation and execution of the definitive agreements on the various gas-related issues,” the release noted.
According to the release the definitive agreements among the Government, Shell, the National Gas Company of Trinidad and Tobago Limited and the Heritage Petroleum Company Limited were finalised and executed in a signing ceremony on Monday at the Office of the Ministry of Energy and Energy Industries, Tower C, International Waterfront Centre, Wrightson Road, Port-of-Spain.
The release stated, “The outcome of negotiations has resulted in improved economic and financial benefits to the country and is a vindication of the Government’s decision, as articulated in the ‘Spotlight on Energy’, to pursue improved returns from the exploitation of the country’s hydrocarbon resources.