NGC, BPTT sign new contract

NGC President Mark Loquan and Regional President of BPTT Norman Christie, participated in a ceremonial signing of the agreements in May at BPTT’s head office, Queen’s Park West, Port-of-Spain.

Loquan, who was appointed president in September 2016, said the process was conducted under the “stewardship and direction” of the NGC board, led by Chairman, Gerry Brooks.

Contractual negotiations for future gas supply “began in earnest” in the fourth quarter of 2016.

Loquan said this signing represented a different operational and commercial relationship for both companies. “The days of long duration contracts and low pricing when compared to past contracts are over,” adding that these components now depended on exploration and further development. “This new contract between NGC and an important partner such as BPTT speaks to the forging of a deeper relationship which will redound for future and more robust collaboration.” Commenting on the major learning from this experience, Loquan said, “There should be timely investments ahead of decline. With both parties working closely at the strategic and operational levels, and with the Ministry of Energy and Energy Industries, and other stakeholders to create value for TT.” While he could not speak to the specific details of the contract in terms of volume and time, Loquan said this milestone has cemented NGC’s new strategy __ transforming its business, growing along the value chain, moving into other jurisdictions and becoming a global player through strategic partnerships.

Loquan thanked the NGC board, the commercial team, the legal team and everyone else involved at NGC for their professionalism and commitment.

“Equally he thanked Norman Christie for his open communication during the process and the hard work by the BPTT team involved with tight deadlines and time frames involved,” NGC stated.