Caption: The mature gas fields that are to be divested. Photo: bpTT
By Prior Beharry
bp Trinidad and Tobago (bpTT) has announced an agreement to divest mature gas fields to Perenco T&T.
The deal includes the Immortelle, Flamboyant, Amherstia, and Cashima fields, along with undeveloped resources from the Parang field, according to a release by bpTT on Monday.
This divestment aligns with bp’s strategy to streamline its portfolio and focus capital investments on growth opportunities within T&T, the release stated.
The assets being sold have been in production since 1993 and currently yield around 30,000 barrels of oil equivalent per day.
As part of the agreement, bpTT will continue to purchase gas from these fields to fulfill existing contractual obligations, the release stated.
David Campbell, president of bpTT, said, “By divesting these mature assets, we can enhance our portfolio in Trinidad and Tobago while focusing on developing our shallow water gas resources and pursuing growth in deep water and cross-border gas ventures. This move is critical to accelerating gas production and unlocking the energy future of Trinidad and Tobago.”
Perenco T&T CEO Armel Simondin welcomed the acquisition as a pivotal opportunity for growth.
He said, “This validates our investment in Trinidad and Tobago since 2016. Our experience with mature assets will enable us to maximize recovery from these newly acquired fields, and we look forward to collaborating with bpTT to enhance the country’s energy security.”
Both companies view the agreement as a mutually beneficial arrangement that supports bp’s goal of simplifying its operations while allowing Perenco to expand its presence in the region.
According to the release, the transaction is expected to be completed by the end of 2024, following a transition period during which bpTT will continue to operate the assets.
This divestment follows bp’s recent advancements in Trinidad, including the award of three deep water blocks in collaboration with Shell and participation in the 2024 shallow water bid round. The company has also secured a licence for the Cocuina field in Venezuela, which could facilitate the development of the Manakin-Cocuina cross-border gas field, and formed a joint venture with EOG Resources for the Coconut field.
