BP adds two new deepwater blocks offshore Trinidad and Tobago

By Phaedra Friend Troy

The government of the Republic of Trinidad and Tobago has awarded BP (NYSE:BP) two new deepwater oil and gas exploration and production blocks in the Caribbean.

Under production sharing contracts, BP has been awarded 100 percent interest and operatorship of Blocks 23(a) and TTDAA 14 offshore the east coast of Trinidad.

Spanning 2,600 square kilometers, Block 23(a) is located in waters averaging 2,000 meters deep about 300 kilometers northeast of BP’s Galeota Point onshore processing facility. The adjacent TTDAA 14 covers 1,000 square kilometers with similar water depths. 

“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. 

In operation in the Caribbean country since the 1960s, BP first produced oil in Trinidad and Tobago in 1972. Currently, BP is the largest hydrocarbon producer in the country with an average production of 460,000 barrels of oil equivalent a day in 2010. 

With exploration and production licenses spanning 3,600 square kilometers offshore the east coast of Trinidad, BP has installed 13 offshore platforms on the acreage. Additionally, BP holds interest in all of Atlantic LNG’s four LNG production trains on Trinidad. 

Upstream Acreage Acquisitions 

Since July 2010, BP has gained interest 31 new upstream blocks worldwide, including assets in Brazil, Indonesia, Australia, China, UK and Azerbaijan. Additionally, the company awaits approval to earn interest in 23 oil and gas licenses offshore India. 

“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,” Dudley added. “We are pleased to see the confidence that governments across the world have placed in BP to carefully explore and develop resources.”

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