Port-of-Spain: BP today announced that it has been awarded two deepwater exploration blocks off the east coast of Trinidad by the Government of the Republic of Trinidad and Tobago.
BP was awarded 100 per cent interest in Block 23(a) and TTDAA 14 both in deepwater frontier acreage offshore Trinidad’s east coast. Responding to Government’s announcement of the award, BP Regional President Norman Christie said BP was “Immensely proud about the confidence placed in the company to undertake deepwater exploration in this new frontier acreage. We are very pleased to be given this opportunity to be pioneers as we work to unlock the deepwater potential of Trinidad and Tobago using the best technology and expertise available."
The successful BP deep water bid followed detailed subsurface research and evaluation by BP’s Trinidad operations. While BP is hopeful that there will be discoveries in the deep water, all exploration carries risk. Should exploration activities be successful, it could take a minimum of 10 years for any hydrocarbons to be produced from the new acreage. Christie pointed to the fact that the exploration activity in itself would be beneficial to the country as it would give nationals the opportunity to gain experience and build new skills and capabilities in deepwater exploration. “In a sense, this opportunity to continue to build the knowledge base in the industry is, in itself, as valuable as any potential oil or gas find.”
BP’s current operations in T&T, produce over 50% of Trinidad and Tobago’s natural gas production and account for; approximately 12% of the BP Group's global production. While the company is excited about this new exploration opportunity BP continues to remain focused on significant exploration and appraisal work planned for its existing bpTT acreage to ensure maximum recovery of resources.
Even before the announcement of the bid, bpTT already planned to conduct extensive exploration and appraisal work in its existing acreage with over US $200 million to be invested with the hope of further hydrocarbon discoveries and production in the short to medium term. “Trinidad and Tobago is very important to BP,” said Christie, “We plan to continue to enhance our activity here to the mutual benefit of BP and the people of Trinidad and Tobago.”
Christie noted the decision to participate in the deep water bid round was directly in line with the company's vision, "BP's decision to participate in this bid round demonstrates our company's long term interest in the country and in having a positive impact on the development of Trinidad and Tobago”.
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