Young meets with Shell TT, Trinity executives

Energy Minister Stuart Young met with executives of Shell TT and Trinity Exploration and Production PLC to discuss ongoing energy matters.

According to a ministry release, Young was accompanied on both visits by Penelope Bradshaw-Niles, permanent secretary at the Energy Ministry.

In a meeting with senior executives of Shell TT on May 8, both parties discussed Shell's current in-country production and its short-term plans for future production.

Updates were also provided on the plans for the development and production of both Manatee and Dragon fields.

On May 9, Young met with executives of Trinity Exploration and Production PLC at the ministry head office in Port of Spain.

At this meeting, Trinity executives provided an update on the finalisation of the company’s agreement to its "all-share acquisition" by Canadian-based, Touchstone Exploration Inc.

The acquisition will facilitate increased investments into TT from the combined company’s cash flow into its increased production base.

Additionally, post-acquisition, the existing shareholders of the locally-based Trinity Exploration and Production PLC, will own approximately 20 per cent of the Canadian firm’s shares as each "Trinity" share will be converted to 1.5 "Touchstone" shares.

"TT remains welcoming of international investments in the industry," Young said.

Young added that he looks forward to a successful conclusion of the transaction and hopes the arrangement would result in the increased exploration and production of hydrocarbons.