BP plc and Shell plc have agreed to restructure ownership in Trinidad and Tobago’s Atlantic LNG partnership, allowing the country’s state-owned firm to increase its stake while the majors focus on further upstream investments.


Under the agreement, the partnership amongst the four-train liquefaction facility would be restructured to allow the state-controlled National Gas Company of Trinidad and Tobago (NGC) to obtain a larger stake in Atlantic liquefied natural gas’ currently operating trains. Declining natural gas production from Trinidad and Tobago has limited the facility’s 15 million metric tons/year capacity output, with one of its trains remaining idle since 2020.

“The new construct will also facilitate a market-reflective pricing mechanism that provides fair value...