BP to Divest Trinidad and Tobago Mature Gas Fields to Perenco

BP has entered into an agreement with Perenco T&T to divest its Immortelle, Flamboyant, Amherstia and Cashima offshore gas fields and associated production facilities, as well the undeveloped resources from the Parang field in Trinidad and Tobago.

BP Trinidad and Tobago operates and currently is the sole owner in each of the assets included in the agreement.

The fields, with the exception of Parang, are mature fields that have been in production from as early as 1993 and currently produce a total of approximately 30 thousand barrels of oil equivalent per day.

As part of the deal, BP will purchase the gas produced from these fields to continue to meet its existing contractual obligations

Both parties see this as a ‘win-win’ agreement that supports BP’s drive to become a simpler, more focused and higher value company while enabling Perenco to expand its footprint in Trinidad and Tobago, investing in the assets to unlock additional gas reserves and increase the production potential of the fields.

The agreement follows other recent progress in Trinidad for BP: the award in 2023 of three deep water blocks, jointly with Shell; its participation in the recent 2024 shallow water bid round; the grant in July of a licence for the Cocuina field in Venezuela, paving the way for potential development of the Manakin-Cocuina cross-border gas field; and the recent establishment of a joint venture with EOG Resources for the development of the Coconut field.

BP will continue to operate the assets included in the agreement for a transition period at the end of which ownership and operatorship of the assets will be transferred to Perenco T&T.

The transaction is expected to close by the end of 2024.

“Divesting these mature assets will high-grade our portfolio in Trinidad and Tobago as we focus on continuing to develop our shallow water gas portfolio and pursuing growth opportunities with both deep water and cross-border gas resources.

“Meanwhile, Perenco will be able to apply their mature asset expertise to extend these fields’ producing life and support maximum recovery of resources,” said David Campbell, president of BP Trinidad and Tobago.

“Over the past eight years, Perenco T&T has completed several ambitious projects at the mature TSP asset and has become a sizeable supplier of gas for the domestic market.

“We will apply our mature field expertise to develop further the resources from these newly acquired fields. We look forward to welcoming the BP employees who will transfer with the assets and are delighted to work together with BP towards protecting Trinidad and Tobago’s energy security,” added Armel Simondin, Perenco CEO.