The Office of the Prime Minister says the government has signed an agreement with BPTT concluding the first phase of this country’s negotiations with the energy company for future gas production and projects in Trinidad and Tobago.
In a media release, the OPM explained that this agreement was the result of negotiations which also dealt with the future LNG pricing to be applied to Atlantic LNG which will accrue significantly enhanced annual revenue for this country.
It also entailed the extension of the South East Galeota Exploration & Production licence.
The agreement will also see BPTT begin the Cassia Compression Project as well as the Matapal Gas Project which will develop the gas resources discovered by BPTT in 2017.
The energy company is expected to invest $1.8 billion USD in these two projects.
The release noted that the empowered negotiating teams will meet again in January 2019 as they continue to work towards the conclusion of all outstanding matters between the parties.
It pointed out that Prime Minister, Dr. Keith Rowley, witnessed the signing of the agreement between Energy Minister, Franklin Khan and Regional President of BPTT, Claire Fitzpatrick.
The statement indicated that Minister of National Security, Communications and Minister in the Office of the Prime Minister, Stuart Young played a crucial role in these negotiations; as such he was present for the signing.