Prime Minister Dr Keith Rowley has walked away from his two-week long trip to the US, Netherlands and the UK with favourable terms for the country’s energy sector.
This is according to a release from his office.
He met with Shell in The Hague, Netherlands, BP in London and EOG Resources and BHP in Houston, United States.
According to his release, Prime Minister Rowley said that over one year, the Government’s empowered negotiation team had successfully negotiated a complex deal with the two major energy players, Shell and BP.
“The parties went into the negotiations with something of value and found a way forward that gives us all the equitable returns that we are entitled to...the parties renewed their commitment to the continuation of negotiations between the empowered negotiation teams to move now to phase two of the negotiations which will be focused on the future of Atlantic LNG and the restructuring of same.”
During his meeting with Shell at their headquarters in The Hague, the parties reached agreement on a number of items.
These included the settlement of outstanding legacy claims between the parties, extensions of various Production Sharing Contracts and an agreement on an enhanced revenue for the government based on an equitable share of revenue between both parties, with an increased Government take.
Their meeting also looked at other aspects of Shell’s business which, Rowley said, “would unlock continued development of its growth agenda in Trinidad and Tobago that would also benefit the people of Trinidad and Tobago.”
The Prime Minister dubbed the agreement made between T&T’s Government and Shell last week as historic.
He said, “it signifies an ability by us to sit at the table and via mutual respect come to an agreement in a very complex environment to the benefit of the people of Trinidad and Tobago.”
He thanked both BP and Shell for their commitment and openness to negotiating with T&T.
Reporter: Rishard Khan