Trinity Exploration & Production plc has signed a memorandum of understating (MoU) with The National Gas Company of Trinidad and Tobago Ltd. (NGC), in order to explore and develop new projects to aid energy transitions in Trinidad and, potentially, in the wider Caribbean and Latin America.
This collaborative initiative is part of Trinity’s and NGC’s wider growth strategies; aiming to derive further value from existing licences, to establish a broader portfolio of energy assets via acquisition and partnerships, and to challenge and further reduce carbon output.
As Trinity drives toward becoming an energy company of scale, strong relationships with highly respected businesses like NGC will be fundamental to achieving its long-term goals.
The MoU covers a range of development opportunities including:
- A Micro LNG business which encompasses potential synergies along the gas value chain – including potential opportunities for CNG in Trinidad and Tobago, the broader Caribbean and Latin America region.
- Renewable energy opportunities – inclusive of a wind power generation project, to provide renewable electric power, including some of Trinity’s operations.
- Pursuit of stranded gas assets and associated opportunities in existing Trinity assets.
- Pursuit of other mutually beneficial business opportunities.
As the world continues its energy transition journey, these value-added initiatives will contribute towards maximising the benefits from Trinidad and Tobago’s natural resources. Furthermore, this supports Trinidad and Tobago’s ambitions towards lowering GHG emissions in line with best practice and the Paris Accord.
Bruce Dingwall CBE, Executive Chairman of Trinity, commented: “Our traditional core onshore and offshore production assets provide a strong foundation for growth, but this partnership with the NGC potentially introduces new ways of operating, powering and monetising those assets which are truly exciting. This partnership is expected to be a great ‘enabler’ to Trinity becoming a new type of energy business which is at the forefront of the Energy Transition agenda.
“Automation and transition technologies are bringing a new dimension to our existing operations, and we will continue to advance opportunities to broaden our portfolio and create further value as we further scale the business. We believe that this MoU is an important milestone for the company, and look forward to working alongside the NGC on these exciting new initiatives.”
Mark Loquan, NGC President, commented: “This signing is indeed a significant one as it provides the NGC Group, and ultimately the people of Trinidad and Tobago, with an avenue to accelerate energy efficiency and renewable energy within the country. The scope of the MOU goes hand in hand with the group’s corporate sustainability strategy, which speaks to the role of the Group in the attainment of the country’s Paris Agreement obligations. The NGC Group has made great strides in diversifying its business model to ensure the sustainability of all our entities. The scope of this partnership with Trinity is therefore a strategic fit for the group. The NGC Group is therefore set to advance the local chapter of the energy agenda.”
Read the article online at: https://www.lngindustry.com/liquid-natural-gas/30122020/trinity-e-p-signs-exploration-and-development-mou-with-ngc/