Perenco acquires five mature natural gas fields offshore Trinidad and Tobago from bp
(WO) – bp Trinidad and Tobago (bpTT) has entered into an agreement with Perenco T&T to divest its Immortelle, Flamboyant, Amherstia and Cashima offshore gas fields and associated production facilities. The agreement also includes the undeveloped resources from the Parang field.
bpTT operates, and currently is the sole owner in each of the assets included in the agreement. The offshore assets, except for Parang, are mature fields that have been in production from as early as 1993 and currently produce a total of approximately 30,000 boed. As part of the deal, bpTT 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.
This 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 license 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.
bpTT 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.
bpTT president David Campbell said, “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 crossborder gas resources. This is part of our mission to accelerate gas production, create value and unlock the energy future of Trinidad and Tobago. Meanwhile, Perenco will be able to apply their mature asset expertise to extend these fields’ producing life and support maximum recovery of resources.”
