BP takes deepwater Trinidad & Tobago plunge

Offshore staff

LONDON -- BP has been awarded two deepwater exploration and production blocks offshore Trinidad and Tobago.

The company gained a 100% interest in blocks 23(a) and TTDAA 14, both in frontier acreage off Trinidad’s east coast, under production-sharing contracts.

Block 23(a), around 300 km (186 mi) northeast of BP Trinidad and Tobago’s Galeota Point operations base, covers roughly 2,600 sq km (1,004 sq mi) in water depths averaging 2,000 m (6,561 ft). Adjacent block TTDAA 14 covers 1,000 sq km (386 sq mi) in similar water depths.

The award, which will double the acreage held by BP-controlled companies in Trinidad and Tobago, followed detailed subsurface research and evaluation.

BP’s Trinidad operations, the company points out, currently account for more than half of Trinidad and Tobago’s natural gas output and 12% of BP’s global oil and gas production.

Bob Dudley, BP group chief executive, said: “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.”

BP has gained new exploration access over the past year in Azerbaijan, Brazil, Indonesia, Australia, the UK, and China. In addition, it reached agreement in February with Reliance Industries to take a 30% interest in 23 oil and gas licences offshore India.

07/26/2011