Trinidad and Tobago
Guardian
NGC buys Heritage’s natural gas interests
Wholly state-owned National Gas Company (NGC)
said yesterday it has expanded its upstream portfolio
with the acquisition of shareholdings in several
upstream gas assets from Heritage Petroleum
Company.
The acquisitions deepened its presence and
participation along the local natural gas value chain,
NGC said.
Following the execution of a sales and purchase
agreement in July 2021, NGC E&P Investments, a
wholly owned subsidiary of NGC, completed the
acquisition of Heritage Petroleum Company’s
participating interest in the offshore blocks NCMA 4
(20 per cent), Block 22 (10 per cent) and Block 9 (100
per cent), which are in Trinidad’s North Coast Marine
Area (NCMA).
It also acquired Heritage’s 19.5 per cent shareholding
in Point Fortin LNG Exports (PFLE).
Gas is sold to NGC for the domestic market and to
PFLE for the LNG export market.
This collective acquisition will enable NGC to
collaborate more closely with its joint venture
partners along the natural gas value chain and
positions the company for strategic growth from any
future upstream development in the vicinity of
these blocks.
It also strengthens NGC’s stake in the LNG business
and allows the Government of Trinidad and Tobago to
maintain its participating interest in strategic 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.
“Natural gas and LNG have an important role to play
as low-carbon fuels of the future, and if we are
serious about supporting the clean energy transition,
we must continue to build our gasbased business and
asset base.
“We are optimistic that this acquisition will bolster
our profitability and multiply the value we can add to
the economy and the domestic and LNG energy
sector,” domestic and LNG energy sector.”
Photo - President of the National Gas Company of Trinidad
and Tobago, Mark Loquan.