BP, BG units sign PSCs for blocks off Trinidad and Tobago

Earlier this week, BP PLC unit BP Trinidad & Tobago (BPTT) and BG Group’s Trinidad and Tobago unit (BGTT) separately signed production-sharing contracts with the government of Trinidad and Tobago for deepwater exploration off the twin-island nation’s coast.

BPTT was awarded Blocks 23(a) and Block TTDAA 14 in the 2010-11 deepwater competitive bid round in July 2011; it holds 100% working interest in each block. Under the PSC, BPTT has agreed to acquire 4,000 sq km of 3D seismic on the blocks and plans to drill one well on each.

Block 23(a) lies 300 km northeast of BPTT’s Galeota Point operations base and covers 2,600 sq km in 2,000 m of water. Block TTDAA 14 lies next to Block 23(a) and covers a further 1,000 sq km in 2,000 m of water.

Separately, the government signed a PSC with BGTT for Block 5(d). Under that agreement, BGTT has agreed to acquire 753 sq km of 3D seismic and conduct geological studies. After which time the company has the option to drill at least one exploration well.

BGTT Pres. Derek Hudson said “BG is not undertaking this initial investment lightly for we are of the view, based on our internal exploration expertise, that Block 5(d) has a resource potential in excess of 5 tcf of gas with associated condensate.”

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