bp Trinidad and Tobago (bpTT) and EOG Resources Trinidad Ltd (EOG) have agreed to partner on the Coconut gas development.
“Coconut will be a 50/50 joint venture with EOG as operator. The final investment decision has been taken by the joint venture partners and first gas is expected in 2027,” a release from bpTT stated yesterday.
The Coconut field is located off the southeast coast of Trinidad in the Columbus Basin and was discovered in 2005 by bpTT in a water depth of 260 feet.
“This partnership for the Coconut development is part of bpTT’s strategy to grow its gas business and unlock the energy future of Trinidad and Tobago. Strategic partnerships are an important component of this strategy, as they allow bpTT to increase the competitiveness of its projects, accelerate resource progression, grow its business and continue to deliver value to bp and to the country,” the release stated.
President of bpTT, David Campbell, said: “I am excited by the possibilities that exist and the value that we can unlock by continuing to leverage the power of strategic partnerships. This partnership will allow us to accelerate production from the Coconut field, while giving us the space to progress our Ginger field development and other gas growth opportunities, at a faster pace. We are accelerating gas growth while remaining focused on returns to achieve a higher value Trinidad business—one with clear line of sight to material high margin growth over the next several years.”
Coconut is the latest development being delivered through a joint venture between bpTT and EOG. Previous developments were:
• EMZ—2011
• Sercan—2016
• Banyan—2017
• Mento—to be brought online 2025