bp Trinidad and Tobago has signed an agreement with Perenco T&T to divest its Immortelle, Flamboyant, Amherstia, and Cashima offshore gas fields, along with associated production facilities. The deal also includes undeveloped resources from the Parang field. Currently, bpTT operates and fully owns all the assets included in the agreement. The mature fields, excluding Parang, have been in production since as early as 1993 and collectively produce around 30 thousand barrels of oil equivalent per day. As part of the transaction, bpTT will continue purchasing the gas produced from these fields to meet its existing contractual obligations.

David Campbell, president of bpTT, commented on the divestment: “Divesting these mature assets will high-grade our portfolio in Trinidad and Tobago as we focus on continuing to develop our shallow water gas portfolio and pursuing growth opportunities with both deep water and cross-border gas resources. This is part of our mission to accelerate gas production, create value, and unlock the energy future of Trinidad and Tobago. Meanwhile, Perenco will be able to apply their mature asset expertise to extend these fields’ producing life and support maximum recovery of resources.”

Perenco CEO Armel Simondin expressed enthusiasm about the acquisition, stating: “This is a welcome opportunity for Perenco to grow our Trinidad and Tobago portfolio, validating our entry into the country in 2016. Over the past eight years, Perenco T&T has completed several ambitious projects at the mature TSP asset and has become a sizeable supplier of gas for the domestic market. We will apply our mature field expertise to further develop the resources from these newly acquired fields. We look forward to welcoming the bpTT employees who will transfer with the assets and are delighted to work together with bpTT towards protecting Trinidad and Tobago’s energy security. We view this as an important milestone in the history of gas supply for T&T.”

Both companies regard the agreement as mutually beneficial, supporting bp’s strategy to become a simpler, more focused, and higher-value company, while enabling Perenco to expand its footprint in Trinidad and Tobago by investing in the assets to unlock additional gas reserves and enhance production potential.

This agreement follows recent strategic progress for bp in Trinidad, including the award of three deep water blocks jointly with Shell in 2023, participation in the 2024 shallow water bid round, a licence grant in July for the Cocuina field in Venezuela (paving the way for potential development of the Manakin-Cocuina cross-border gas field), and the establishment of a joint venture with EOG Resources for the development of the Coconut field.

bpTT will continue to operate the assets during a transition period, after which ownership and operatorship will be transferred to Perenco T&T. The transaction is expected to close by the end of 2024.

For more information visit www.perenco.com

5th September 2024