2023-06-07 14:46:56 ET
Trinidad and Tobago, Latin America's largest liquefied natural gas exporter, aims to restart an idled unit at the Atlantic LNG refinery by 2027 after agreeing to restructure the plant's ownership and negotiate new gas supplies, Reuters reported Wednesday.
In simplifying the project's structure, BP ( NYSE: BP ) and Shell ( NYSE: SHEL ) reportedly each would own a 45% stake in the plant's four units with Trinidad's Natural Gas Co. holding the remaining 10% of each, while China Investment Corp.'s 10% stake would be eliminated.
As a pre-requisite to a final investment decision on an offshore gas field, Shell ( SHEL ) reportedly told the government the project had to be restructured, and warned that any hiccup could delay gas availability to as late as 2028, according to the report.
The restructuring will allow Atlantic LNG to buy gas from producers who are not plant co-owners, clearing the way for Woodside Energy ( WDS ) and EOG Resources ( EOG ) to sell gas to Atlantic LNG when available, Reuters reported.
The government separately is negotiating fiscal and commercial terms with Shell and Woodside, operators of two offshore gas development projects, the report said.
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For further details see:
Trinidad to restart idled LNG unit by early 2027 amid restructuring - Reuters