The government has signed a new energy agreement between with Shell at the energy company’s headquarters in The Hague, Netherlands.
The new agreement is being labeled "a significant milestone for the people of Trinidad and Tobago" as it features an enhanced revenue package for the sale of LNG.
"The energy deal is the result of months of positive and relationship-building discussions between Shell and the Government," a statement by the Office of the Prime Minister said.
"The agreement reflects the mutual importance of the relationship and the value Shell has placed on Trinidad and Tobago as a province," it added.
The parties have committed to continue their discussions surrounding the development of the energy sector in Trinidad and Tobago.
Minister of Energy and Energy Industries Franklin Khan signed on behalf of the government while Derek Hudson, Vice President and Country Chairman of Shell Trinidad and Tobago signed on behalf of Shell.
Prime Minister Dr Keith Rowley joined Ben van Beurden, Chief Executive Officer of Royal Dutch Shell in witnessing the signing.
Minister of National Security, Communications and Minister in the Office of the Prime Minister Stuart Young and De La Rey Venter, Executive Vice President of Shell’s Integrated Gas Venture business signed as witnesses.
Before the signing ceremony Prime Minister Rowley met with Maarten Wetselaar who is the Integrated Gas and New Energies Director at Shell.
Wetselaar is responsible for Shell’s integrated gas business, including the industry-leading liquefied natural gas and gas-to-liquids positions.
He also leads the new energies business, including Shell’s investment in new fuels, new energy carriers and new business models for a low-carbon future.
Also on Wednesday, the Prime Minister and his delegation will visit the Shell Technology Centre in Amsterdam where he will tour the facility and receive an update on the latest technology being developed and deployed across Shell and specifically in Trinidad and Tobago to leverage improved returns in the energy sector.