Add St. Lucia News Online on Whatsapp +1758-712-6700 and get daily headlines and breaking news

PM: Favourable terms for Trinidad and Tobago in energy deals

By Trinidad Guardian

 Share This On:

(TRINIDAD GUARDIAN) — 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.

This article was posted in its entirety as received by This media house does not correct any spelling or grammatical error within press releases and commentaries. The views expressed therein are not necessarily those of, its sponsors or advertisers.

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.