BG, NGC in new gas contract
The Trinidad Guardian
Port
Spain
Petroleumworldtt.com
01 07 07
Following
months of negotiations the National Gas Company
and BG Group have reached an agreement for the supply
of 220 million standard cubic feet of natural gas
per day into the country’s domestic supply.
The
BG group of companies along with its partner Chevron
yesterday announced it had entered into Heads of
Agreement with the NGC to supply the gas.
The
release stated that the proposed gas deal is for
a term of up to 15 years with the first deliveries
beginning on January 1, 2009.
Martin
Houston, BG Executive Vice President and Managing
Director, North America, Caribbean and Global LNG,
said, in the release, “The proposed agreement
underpins the commercialisation of 1.2 trillion
cubic feet of currently undeveloped gas in the East
Coast Marine Area.”
The
BG executive added it “is an excellent project
and BG Group is delighted to have reached this agreement
with NGC.
“We
are a long-term partner in the country and a key
contributor to the domestic gas supply market.”
Houston
renewed the company’s commitment to its “extensive
exploration and production activity in the East
and North Coast Marine Areas as well as the onshore
Central Block and will continue to work closely
with the Government to promote further expansion
and recovery of Trinidad & Tobago’s natural
gas resources.”
The
release said a fully termed gas sales agreement
is expected to be finalised this year.
The
Trinidad Guardian
Friday 5th January, 2007
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Trinidad Publishing Company Limited.
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