NGC still evaluating Teak and Poui Platforms
March 9, 2016
The National Gas Company of Trinidad and Tobago Limited (NGC) has made no decision to sell the Teak and Poui offshore compression platforms. These compression platforms are over 35 years old, and have incurred substantial annual maintenance costs. The rehabilitation costs have also been signicant in comparison to the volume of natural gas being compressed, which has declined steadily.
NGC is re-evaluating the strategic importance of these platforms in the context of their use for NGC’s possible future activities.
NGC is awaiting this re-evaluation to determine the preferred option. No decision has been made.
NGC is managing and will continue to manage its nancial affairs prudently and proactively. It has embarked on a number of cost rationalisation initiatives which have borne fruit. It has also commenced several important strategic initiatives which are also progressing extremely well. These will be the subject of a fuller statement in the near future.
NGC, as a state-owned company, remains committed to maximising the value of the assets for the people of Trinidad and Tobago.