More
gas to fuel new industries
By Clint Chan Tack
Newsday
Port
Spain
Petroleumworldtt.com
06 04 07
THIS
country will receive additional gas to fuel several
of the new industries which Government
has targetted as essential for national development.
This was the word yesterday from National Gas Company
(NGC) president Frank Look Kin following signing
of a US$2 billion deal between NGC, British Gas
TT and Chevron TT Resources for the sale of 220
million cubic feet per day of gas to NGC. The signing
took place at BG TT’s St Clair offices.
The state gas company is expected to receive the
first delivery of this gas in mid-2009. The agreement
has a life of 15 years.
Meanwhile, Chevron Latin America (upstream) president
Ali Moshiri said his company was ready to begin
production once this country and Venezuela reach
a final gas unitisation agreement to develop gas
reserves which straddle the maritime border between
both countries. TT and Venezuela have signed a
framework agreement to develop these reserves.
Venezuelan President Hugo Chavez is expected to
come to Port-of-Spain to sign a broader energy
cooperation agreement between the two countries
once the logistics are ironed out.
Speaking
after the function, Look Kin said: “This
agreement was meant to provide gas for the new
industries that Government has been encouraging.” Among
those industries are the Essar steel plant in Point
Lisas and Clico’s UAM plant. Look Kin said
the gas supply for the Alutrint plant will come
separately from bpTT. Look Kin said this agreement
puts NGC in good stead and will help to ensure
the new gas-based industries that are under contract
or will soon be under contract with the company
have adequate feedstock.
Moshiri
said Chevron/Texaco’s licence on
the Venezuelan side of the Loran/Manatee field
shows that 90 percent of the gas there will go
for LNG production and ten percent for domestic
use. He added that the numbers for the TT side
of the field are still being assessed.
Prime
Minister Patrick Manning has hinted that some
of the gas from this field could be used for
Atlantic LNG’s proposed Train X.
Newsday
Tuesday,
May 29 2007
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©2007 Newsday. All Rights Reserved.
