BP Trinidad & Tobago (BPTT) reported that it will conduct joint seismic surveys with BHP Billiton on its deepwater blocks off Trinidad and Tobago’s eastern coast.
BPTT Pres. Norman Christie said in an increasingly high cost environment his company was looking at opportunities to control costs, hence the partnership with BHP.
Christie said that BHP is in the process of concluding its production-sharing contracts for blocks that are adjacent to those held by BPTT. The combined surveys, Christie said, will likely lead to a delay in BPTT’s activities to allow for a combined shoot with BHP.
Last July, BPTT was awarded a 100% interest in Blocks 23(a) and TTDAA 14, both in deepwater frontier acreage off Trinidad’s east coast.
BPTT’s operations in Trinidad and Tobago account for more than half of the twin-island nation’s natural gas output and 12% of BP PLC’s global oil and gas production. The awards doubled the acreage held by BP-controlled companies in Trinidad and Tobago.
BHP Billiton is yet to sign final PSCs with the government for their four deepwater blocks as the agreement is being vetted by the country’s attorney general.
Christie also said BPTT had completed its $250 million ocean cable bottom seismic survey and the preliminary results were very encouraging. Christie said most of the excitement surrounded possible additional gas in its existing acreage but noted there were also some possibilities of oil.
He said that although results are preliminary, the firm remains optimistic. “It’s mainly gas, but there is some oil play,” Christie said.