Saturday, September 23, 2017

Shell serious about T&T’s prospects*

Shell T&T vice president Derek Hudson at his office in St Clair, Port-of-Spain last week. PHOTO: Curtis Chase


ST clair
Publications Editor
 
IT’s a billion-dollar vote of confidence in Trinidad and Tobago’s energy future.
Royal Dutch Shell—Europe’s biggest energy company—is betting big on liquefied natural gas and offshore exploration and production here over the next three to four years.
It’s a series of investments so big, it will easily translate into billions of dollars expended to boost local and global gas demands, explains Derek Hudson, vice president of Shell Trinidad and Tobago.
Globally, Shell has made clear its outlook and plans for the next few decades, most recently to investors in London and New York.
Trinidad and Tobago, Hudson tells Express Business, is “extremely important” for the integrated natural gas strategy of the global Shell corporation.
“This is manifested in the year that I have been back here (Hudson returned to T&T in June 2016 following his assignment in Tanzania), by the company spending almost US$300 million for the gas resources of Centrica on the north coast, and also Chevron’s interests on the east coast. That is a reflection of how serious Shell is about Trinidad.”
Shell spent US$30 million on Centrica’s 17 per cent stake in the NCMA-1 block and 80 and 90 per cent, respectively in NCMA-4 and Block 22.
Shell’s acquisition of Chevron cost the Anglo-Dutch oil and gas giant US$250 million for blocks 6, 5a and E.

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