Perenco will acquire mature gas fields from BP

BP Trinidad and Tobago has signed an agreement with Perenco T&T for the divestment of its Immortelle offshore gas field and production facilities. The oil major said this in a Monday statement.

It said that the agreement includes undeveloped resources in the Parang field.

All fields except Parang have been in operation since 1993, and produce about 30 thousand barrels equivalents of oil per day. According to the agreement, bpTT is required to buy gas from these fields in order for it meet its contractual obligations.

David Campbell, President of bpTT said, "Divesting mature assets will improve our portfolio in Trinidad and Tobago, as we continue to develop our shallow-water gas portfolio and pursue growth opportunities both with deep-water and cross-border resources."

This sale is part of a broader BP strategy to streamline operations and concentrate on assets with higher value. BP has been implementing this strategy to divest assets around the world, as it faces increasing pressure from its shareholders and investors to move towards cleaner energy sources.

The Anglo-French Oil Company Perenco will also be able to expand their presence in Trinidad and Tobago by investing in assets that unlock additional gas reserves and increases the production potential of the fields.

BP is Trinidad and Tobago’s largest natural-gas producer, with a production of just under 1.3 billion cubic foot per day (bcfd). The majority of this gas is exported as liquefied gas to Europe and Latin America.

According to BP's annual report, in 2022, the Caribbean island will account for 18% of BP LNG production. Reporting by Anjana Anil in Bengaluru and Anmol Chhoubey; editing by Sandra Maler, Andrea Ricci

(source: Reuters)