BPTT sanctions Angelin project offshore Trinidad and Tobago

BP Trinidad & Tobago LLC (BPTT) has reported the sanctioning of its Angelin project offshore Trinidad and Tobago’s east coast. The development will include four wells and will have a production capacity of 600 MMscfd of natural gas.

Production from Angelin will flow to the Serrette platform hub via a 21-km pipeline. Drilling is due to start in third-quarter 2018; start of production from the facility is expected in first-quarter 2019.

The project also will involve construction of a platform 60 km off the Caribbean twin-island nation’s southeast coast in 65 m of water.

BPTT’s Regional Pres. Norman Christie said, “We are pleased to be able to announce the sanction of the Angelin project which was made possible due to the execution of a new gas sales contract with National Gas Co. Successful completion of these negotiations was important not only to the sanction of Angelin but will also underpin a further $5-6 billion in potential future investments over the next 5 years.”

Bernard Looney, BP’s chief executive, upstream, said the gas produced from Trinidad and Tobago is key to BP delivering on its commitment to provide 800,000 b/d of new production by 2020. He said production from Trinidad and Tobago will account for 20% of BP’s growth in its upstream segment over the next 4-5 years.

“In the medium term, the sanction of Angelin ensures that we can maintain production levels past 2019. In the longer term, the success of the Macadamia and Savannah exploration wells underpins two new field developments post-2021 and the gas contract negotiations help improve the financial frame of our business in Trinidad and underpin future investments,” Looney said.

Looney said the new lower-for-longer energy prices required BP and other global energy companies to be smart about the way they run their businesses and also to ensure they keep costs down.

Looney said, “While it is great to have confidence in the future, we must be very aware of the extremely challenging times we face—with energy prices below pre-2014 levels. This has an impact on our revenues and those of the country. Prices have been reset and we have to reset our expectations accordingly.”

Angelin was originally discovered by the El Diablo well in 1995 and appraised by the La Novia well in 2006.

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