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Friday, October 20 2017 @ 01:15 AM AST

NGC signs gas supply contracts with BP, EOG for 2019-2023

Though transparency still eludes the process, the government of Trinidad and Tobago, through its agency, the National Gas Company of T&T (NGC), sort of (not really) announced it has signed new gas supply contracts with British oil and gas giant, BP plc and US major EOG Resources to cover the four years ending 2023. Existing contracts expire next year.

Most of the country's gas, about 55%-60% is exported through majority Shell-owned Atlantic LNG, but the remainder is sold to the NGC which then re-sells to the downstream and government's electricity utility.

Unlike in the U.S., the local T&T authorities cite 'confidentiality clauses' in the supply contracts to withhold the prices agreed upon (for the NGC to buy gas from BP and EOG). This leaves ample room for corruption as the NGC could tell the country it is buying at a price higher than what it is really paying.

All that has been made public is that the supply contracts have been signed up to 2023.

NGC President Mark Loquan (left) and BP Regional President Norman Christie sign.

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