By Prior Beharry
TRINIDAD and Tobago has negotiated with BP and Shell to get a percent of the revenue generated from Atlantic LNG Company of Trinidad and Tobago (Atlantic) Trains 2 and 3.
This was revealed by Prime Minister Dr Keith Rowley at a press conference at the Diplomatic Centre in St Ann’s on Monday.
The Point Fortin Atlantic plant produces liquefied natural gas (LNG) from natural gas delivered from fields in and around Trinidad and Tobago. It is a four-train liquefaction facility that exports LNG to all parts of the world.
Our efforts largely as a result of the number of high-level meetings we had with Shell and BP, which has brought us billions of additional dollars in the existing contracts
Dr Keith Rowley
But, because of a shortage of natural gas produced in T&T, Train 1 has been offline for more than two years. T&T through the National Gas Company (NGC) has a 10% stake in it with Shell having 51% and BP 39%.
Shell and BP both own Trains 2 and 3 with each having 57.5% and 42.5% ownership respectively.
In Train 4, the largest of all, Shell has 51.11%, BP 37.78% and NGC 11.11%.
Dr Rowley said the government has successfully negotiated a restructuring agreement Shell and BP regarding Trains 2 and 3.
He said, “Our efforts largely as a result of the number of high-level meetings we had with Shell and BP, which has brought us billions of additional dollars in the existing contracts.”
Dr Rowley some felt that the contracts at Atlantic were “set in stone” but “we did not believe that.”
He added, “We believed that we had the competence to make the case.”
Dr Rowley said the restructuring agreement included shareholding and pricing mechanisms to significantly enhance the country’s revenue streams.
He said this will will leave T&T in a better “earning position”.
Dr Rowley said he did not know yet what percentage T&T will get in Trains 2 and 3.
