Franklin Khan

Energy Minister: Franklin Khan

ENERGY Minister Franklin Khan said yesterday that the Government expects to earn US$944.7 million (TT$6.2 billion) in additional revenues between 2018 and 2027 from Shell as a result of the new formula that would be used for all four Atlantic LNG Trains at Point Fortin.

The new formula came after “months of complex and challenging negotiations,” Khan told Parliament in a statement, in which he reported on an energy trip made to Holland, England and Texas late last month.

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For the new gas fields–the Barracuda Project (on the East Coast) and the Colibri project (on the North Coast)–it is estimated that the value of approximately US$3.3 billion will accrue to the Government over the period 2020 and 2029, Khan stated.

He said the Government and Shell agreed that gas supplied from the PSCs (Production Sharing Contracts) and any newly sanctioned PSCs for the production of LNG will be based on the new Train 1 FOB formula. Shell has embarked on the development of the Colibri project, for which first gas is projected for 2021 and the Barracuda Project, for which first gas is projected for 2020.


This week, we review the financial performance of FirstCaribbean International Bank Ltd (FCI) and Scotiabank Trinidad and Tobago Ltd (SBTT), for the first half of their respective financial years ended April 30. While both banks remained profitable, overall net profits were driven in opposite directions due to certain tax-related events.

The University of the West Indies and Lake Asphalt have signed a licence agreement that will see Lake Asphalt commercialising two “superior” asphalt-based products developed by the university.

WHEN someone has attained the status of a judge, minister or Member of Parliament and they retire with a pension of a couple thousand dollars, people laugh at them.

ECONOMIST Dr Terrence Farrell believes the role of State-owned National Gas Company (NGC) needs to be re-examined and that the price the NGC pays to upstreamers for natural gas should be disclosed.