BP earmarks $2.5 billion for E&D off Trinidad and Tobago

BP PLC CEO John Browne announced that his company will spend $2.5 billion over the next 3 years for exploration and development off Trinidad and Tobago's east coast. Addressing a luncheon held in the twin-island nation during a visit there last month, Browne said Trinidad and Tobago is one of BP's core operating areas and a growth area. Browne said that the country likely would play a critical role in meeting future world natural gas demand, and that BP would be investing to find additional reserves. "We see BP's [gas] production here in Trinidad and Tobago rising from around 400,000 boe/d to 550,000 boe/d by 2008. And all the reserves, contracts, and projects are in place to ...

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