PORT OF SPAIN, July 25 -- BP PLC unit BP Trinidad & Tobago (BPTT) reported it was awarded two deepwater exploration and production blocks by the Trinidad and Tobago government.
BPTT was awarded 100% interest in Blocks 23(a) and Block 14, both in deepwater frontier acreage off Trinidad’s eastern coast, under production-sharing contracts. BPTT was a sole bidder for Block 14; the firm beat out bids from Niko Resources and a consortium of BHP Billiton, Repsol-YPF SA, and Total SA for Block 23(a).
BPTT’s Trinidad and Tobago operations account for more than half of the twin-island nation’s gas output and 12% of BP’s global oil and gas production.
The awards double the acreage held by BP-controlled companies in Trinidad and Tobago. BPTT holds E&P licenses covering 904,000 acres in areas off Trinidad and Tobago’s east coast. Its total production averages 450,000 boe/d, comprised mainly by natural gas and NGLs.
Bob Dudley, BP group chief executive, said, “These awards mean BP has gained access to 31 new upstream blocks across the world since July last year, a significant step up in new access.”
Block 23(a), which lies 300 km northeast of BPTT’s Galeota Point operations base, covers 2,600 sq km in 2,000 m of water. Block 14, which lies next to Block 23(a), covers a further 1,000 sq km also in 2,000 m of water.
Trinidad and Tobago awards BPTT with two deepwater blocks