NGC expands presence in Trinidad’s gas industry with upstream asset acquisitions

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The National Gas Company of Trinidad and Tobago Limited (NGC) has taken a significant step forward in expanding its footprint in the country’s gas industry with a series of strategic acquisitions of upstream gas assets. 

NGC, through its wholly owned subsidiary NGC E&P Investments Limited, recently finalised the acquisition of participating interests in several key offshore blocks. In a Sales and Purchase Agreement executed in July 2021, NGC acquired Heritage Petroleum Company Limited’s participating interest in Offshore Blocks NCMA 4 (20%), Block 22 (10%), and Block 9 (100%) located in Trinidad’s North Coast Marine Area (NCMA). Additionally, NGC acquired Heritage’s 19.5% shareholding in Point Fortin LNG Exports Limited (PFLE), strengthening its presence in the LNG export market.

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This collective acquisition represents a strategic move by NGC to enhance collaboration with joint venture partners and position itself for future upstream development opportunities in the vicinity of these blocks. By increasing its stake in the LNG business, NGC also contributes to the Government of Trinidad and Tobago’s objective of maintaining a participating interest in critical gas infrastructure in the NCMA.

Commenting on the acquisition, NGC President Mark Loquan explained: “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.”

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He added that natural gas and LNG have an important role to play as low carbon fuels of the future, and that NGC must continue to build its gas-based business and asset base if it is serious about supporting the clean energy transition.

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