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BP Extends Exploration Growth with Award of Two
Trinidad Deepwater Blocks
Access
gained to 31 new blocks worldwide in the last year
BP today
announced that it has been awarded two deepwater
exploration and production blocks by the Government of the Republic of
Trinidad and Tobago.
BP was awarded a 100 per cent interest in blocks
23(a) and TTDAA 14, both in deepwater frontier
acreage offshore Trinidad���s east coast, under
production sharing contracts.
The success follows detailed subsurface research
and evaluation by BP whose Trinidad operations account for more than half
of Trinidad and Tobago���s natural gas output and
12 per cent of BP���s global oil and gas
production. The awards will double the acreage held by BP controlled
companies in Trinidad and Tobago.
��BP has a long history and major business in Trinidad and Tobago, and
we are keen to participate in the next phase of exploring the country���s resources,��� said Bob Dudley, BP group chief executive.
"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.
��Increasing our efforts in exploration and applying our deepwater
experience and expertise to new basins around the world is a key part of BP���s strategy to deliver long-term value growth. We
are pleased to see the confidence that governments across the world have
placed in BP to carefully explore and develop resources.���
Since July 2010 BP has gained new exploration
access in Azerbaijan, Brazil, Indonesia, Australia, the UK and China. In
addition, BP reached agreement in February with Reliance Industries to take
a 30 per cent interest in 23 oil and gas licences offshore India.
“BP is very pleased to be given this opportunity to
be pioneers as we work to unlock Trinidad���s deepwater potential using the best in class technology
and expertise, potentially bringing additional benefits from our existing
business and infrastructure,��� added BP Trinidad and Tobago regional president
Norman Christie. “The decision to participate in
this bid round demonstrates BP���s long term
commitment to Trinidad and Tobago.���
Block 23(a), located approximately 300 kilometres north east of BP Trinidad and Tobago���s (bpTT���s) Galeota Point operations base, covers approximately
2,600 square kilometres in water depths averaging
2,000 metres. Block TTDAA 14 which is located
next to block 23(a) covers a further 1,000 square kilometres
in water depths averaging 2,000 metres.
Notes
to editors:
- In addition to these latest
awards in the past year BP has gained interests in: 10 licence blocks in Brazil on the completion of the
purchase of Devon Energy���s Brazilian
interests; four new coalbed methane blocks
and the North Arafura licence in Indonesia;
four deepwater exploration blocks in the Ceduna basin offshore Australia; two deepwater blocks in the South China Sea; seven new
licences in the UK North Sea; and the Shafag-Asiman PSA in the Caspian Sea in
Azerbaijan.
- Completion of the agreement
between BP and Reliance remains subject to receipt of final regulatory
approvals.
- BP has been operating in
Trinidad and Tobago since the 1960s, first producing oil in 1972. BP
currently holds exploration and production licences
covering 3,600 square kilometres� offshore the east coast of Trinidad.
Facilities include 13 offshore platforms and the Galeota
Point onshore processing facility. BP also holds interests in all of
Atlantic LNG���s four LNG production trains
on Trinidad. BP is the largest producer of hydrocarbons in Trinidad
and Tobago, with average production in 2010 of some 460,000 barrels of
oil equivalent a day.
Map of blocks:
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