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BP Awards Two Trinidad & Tobago Deepwater Blocks

Source: www.gulfoilandgas.com 7/25/2011, Location: South America

BP announced that it has been awarded two deepwater exploration and production blocks by the Government of the Republic of Trinidad and Tobago. BP was awarded a 100 per cent interest in blocks 23(a) and TTDAA 14, both in deepwater frontier acreage offshore Trinidad’s east coast, under production sharing contracts. The success follows detailed subsurface research and evaluation by BP whose Trinidad operations account for more than half of Trinidad and Tobago’s natural gas output and 12 per cent of BP’s global oil and gas production. The awards will double the acreage held by BP controlled companies in Trinidad and Tobago.

“BP has a long history and major business in Trinidad and Tobago, and we are keen to participate in the next phase of exploring the country’s resources,” said Bob Dudley, BP group chief executive. "These awards mean BP has gained access to 31 new upstream blocks across the world since July last year, a significant step up in new access. “Increasing our efforts in exploration and applying our deepwater experience and expertise to new basins around the world is a key part of BP’s strategy to deliver long-term value growth. We are pleased to see the confidence that governments across the world have placed in BP to carefully explore and develop resources.” Since July 2010 BP has gained new exploration access in Azerbaijan, Brazil, Indonesia, Australia, the UK and China. In addition, BP reached agreement in February with Reliance Industries to take a 30 per cent interest in 23 oil and gas licences offshore India.

“BP is very pleased to be given this opportunity to be pioneers as we work to unlock Trinidad’s deepwater potential using the best in class technology and expertise, potentially bringing additional benefits from our existing business and infrastructure,” added BP Trinidad and Tobago regional president Norman Christie. “The decision to participate in this bid round demonstrates BP’s long term commitment to Trinidad and Tobago.” Block 23(a), located approximately 300 kilometres north east of BP Trinidad and Tobago’s (bpTT’s) Galeota Point operations base, covers approximately 2,600 square kilometres in water depths averaging 2,000 metres. Block TTDAA 14 which is located next to block 23(a) covers a further 1,000 square kilometres in water depths averaging 2,000 metres.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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