HomeRecentBreaking: TT To Have First Option To Buy Grenada’s Natural Gas

Breaking: TT To Have First Option To Buy Grenada’s Natural Gas

The National Gas Company of TT Ltd (NGC) and oil and gas company, Global Petroleum Group (GPG) have signed a commercial agreement. GPG is undertaking exploration and appraisal activities off south coast of Grenada. (Left to right) NGC chairman Gerry Brooks, GPG executive director Eduard Vasilyev and NGC president Mark Loquan, signed the agreement on March 19 at NGC’s head office, Couva. PHOTO COURTESY NGC.

The National Gas Company of TT Ltd (NGC) on Friday announced it has finalised a commercial agreement with oil and gas company, Global Petroleum Group (GPG), which is currently undertaking exploration and appraisal activities off Grenada’s south coast.

According to reports coming out of Trinidad and Tobago, the agreement includes what’s known as a first right of refusal, which would see TT having the first option to buy Grenada’s natural gas.

NGC explained that “the relationship” between the two companies is a result of an Energy Sector Development Framework Agreement signed between the governments of TT and Grenada.

The commercial agreement signals what NGC described as its “unwavering resolve” to meet the challenge of gas supply in TT by providing a ready market for the sale of natural gas and natural gas liquids (NGLs).

“To effectively monetise any gas reserves in the fastest possible time,” NGC said it “will utilise existing domestic infrastructure as well as leverage our four decades of experience and technical proficiency in pipeline construction and natural gas transportation.”

 

Via: NewsDay

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