NGC expands with upstream acquisition from Heritage

The National Gas Co of TT Ltd (NGC) deepened its presence and participation along the local natural gas value chain, with its latest acquisition of shareholdings in several upstream gas assets – offshore blocks in Trinidad’s north-coast marine area (NCMA) four (20 per cent), block 22 (10 per cent) and block nine (100 per cent).

A release from NGC said the company also acquired Heritage’s 19.5 per cent shareholding in Point Fortin LNG Exports Ltd (PFLE).

Gas is sold to NGC for the domestic market and to PFLE for the liquid natural gas (LNG) export market.

This collective acquisition will enable NGC to collaborate more closely with its joint venture partners along the natural gas value chain and positions the company for strategic growth from any future upstream development near these blocks. It also strengthens NGC’s stake in the LNG business and allows the government to maintain its participating interest in strategic gas infrastructure in the NCMA, the release said.

Commenting on the acquisition, NGC's president Mark Loquan said, “NGC is intent on becoming an integrated global energy player, with a diverse portfolio of assets and investments. As this acquisition attests, expansion for us does not just mean venturing into new business territory such as the clean energy space, but also strengthening our core."

“Natural gas and LNG have an important role to play as low-carbon fuels of the future and if we are serious about supporting the clean energy transition, we must continue to build our gas-based business and asset base. We are optimistic that this acquisition will bolster our profitability and multiply the value we can add to the economy and the domestic and LNG energy sector,” he said.