ENERGY Minister Stuart Young on Tuesday met virtually with British Petroleum (bp) executives, Dev Sanyal, executive vice president for gas and low carbon energy and Claire Fitzpatrick, senior vice president, said a ministry statement. The restructuring of Atlantic LNG was among items discussed.
Talks involved bp's production in Trinidad and Tobago; the progress of its current projects including Matapal and Cassia C; future gas production; and continued investments in TT. "The parties also discussed the restructuring of Atlantic LNG and the importance of the ongoing negotiations pertaining to Atlantic," the statement said.
"BP reaffirmed its commitment to the solar project that it is pursuing as a joint venture with Shell, as well as its commitment to gas production in TT."
Sanyal said even as bp navigates the energy transition, "gas is an essential and integral part of the transition and will be the stabilising influence for decades to come". Young emphasised the Government's commitment to ensure TT remains competitive in the global energy environment whilst seeking to derive the best returns for citizens.
The statement said, "The meeting was productive and parties agreed to continue working to ensure future gas production." The effects of covid19 on the energy sector globally was also discussed and bp recognised the Government's facilitation of the energy sector throughout the pandemic.
Young and the ministry continue to work towards maintaining TT's global competitiveness.
The meeting came after the Prime Minister said last Friday that the Government was in constant talks with bp and Shell as stakeholders in the Atlantic LNG trains, in reply to Pointe-a-Pierre MP David Lee earlier asking if Train One would be decommissioned after continuing gas-supply challenges. Lee said the National Gas Company (NGC) had invested over $400 million to help supply the train but then fell short, having taken up the mantle after BP's alleged own shortfall. He abhorred indemnification for the NGC board over this expenditure.
In June 2019, it was reported that a decision to restructure Atlantic had been made after talks in the UK and Netherlands between Dr Rowley and BP and Shell, so as to try to save Train One. Argus Media had reported the ministry saying that restructuring would create "a more flexible system of gas delivery to all four trains to cover any shortfall from any source and to allow supply arrangements to overcome the differing shareholder structures of each train."