The National Gas Company of Trinidad and Tobago has signed a new Gas Supply Agreement with EOG Resources Limited.
The signing ceremony took place at the Hyatt Regency in Port of Spain.
The signing of a Gas Supply Agreement between the National Gas Company (NGC) and EOG Resources Limited is significant for both the company and the country.
NGC Chairman Gerald Ramdeen says the agreement reflects increased competition within the upstream energy sector.
“The gas that has been secured by this agreement was sought after by other members of the energy sector. There’s competition now on the upstream as a result of decisions that have been made where the NGC must compete with everyone else to be able to get every molecule of gas.”
Mr. Ramdeen also noted that negotiations for the agreement were concluded eight months ahead of schedule.
“It is a significant achievement to have been able to achieve that. And that has only been as a result of the hard work and the dedication of those who are involved in this process.”
The NGC Chairman explained that the contract will provide the company with a supply of natural gas from EOG over a two-year period.
“A significant amount of gas that will allow us to be able to supply our domestic obligations to power, our domestic obligations to the Petrochem sector, and to supply our allocation into Atlantic, and as well as to guarantee our supply to our LIC customers.”
Mr. Ramdeen added that the country’s natural gas resources have delivered a solid investment return for the citizens of Trinidad and Tobago.