Touchstone Pens Trinidad Gas Sales Deal

Trinidad and Tobago-focused Touchstone Explortion has struck a deal on future gas sales from its onshore Ortoire block with the country's national gas company, it said on December 18.

The agreement was between Touchstone's subsidiary Primera Oil and Gas and the National Gas Company of Trinidad and Tobago. Touchstone was acting on behalf of its 20% partner at Ortoire, Heritage Petroleum. 

"This agreement provides a stable, multi-decade revenue stream for Touchstone to fully develop the world-class asset at Ortoire. This transforms the company from being an exploration company to one that is a full cycle energy provider," Touchstone CEO Paul Baay said. "The structure of the agreement provides the shareholders of Touchstone with a predictable cash flow and earnings stream for years to come while minimising the capital required to maximise the resource."

Touchstone has made a series of gas discoveries at Ortoire over the past year. Its latest well Cascadura Deep-1 encountered "significant hydrocarbon accumulations" earlier this month.