Energy Chamber views bpTT’s divestment to Perenco as a positive development

Energy Chamber of Trinidad and Tobago

bpTT’s decision to sell some of its mature gas fields in Trinidad & Tobago to Perenco, presents an excellent opportunity for Trinidad & Tobago to continue to produce natural gas from these fields well into the future. In a mature oil and gas province like T&T it is important to have a good mix of different upstream operator companies, each with different strengths and capabilities. Major exploration campaigns and greenfield developments need major multi-national oil and gas companies with the necessary resources.

In the recent past we have seen both Shell and bp moving aggressively to explore in the deepwater acreage and to develop major cross border gas fields. Prolonging the productive life of mature fields and efficiently developing small fields is often best executed by nimble companies with focused expertise. The recent news about bpTT’s newest joint venture with EOG Resources to develop the Coconut field is a good example of ensuring that the right companies are in place to undertake the right developments.

The Energy Chamber highlighted the need to develop small gas fields as one of the items needed in our 6- point plan to increase gas production. This development will help in meeting that objective. There has been significant action from the Ministry of Energy on some of the other areas, including, in particular, accessing cross-border reserves and work on the speeding up of approvals process, but further action is also required, including on fiscal reform for the upstream.

The Energy Chamber will continue to work closely with the Ministry of Energy, as well as the Ministries of Finance, Planning and Public Utilities to drive forward the actions needed to increase gas production and prolong the life of the T&T energy sector.