Proactive Investors - BP PLC (LON:BP) has agreed a deal to offload its mature assets in Trinidad and Tobago, though it will retain a presence with a focus on newer shallow water fields.
The BP Trinidad and Tobago (bpTT) business is selling the Immortelle, Flamboyant, Amherstia, and Cashima offshore gas fields, plus undeveloped resources in the Parang field to Perenco.
These fields were commissioned in the 1990s and early 2000s (whilst Parang was first discovered in the late 1960s), and together still yield some 30,000 barrels oil equivalent per day.
As part of the deal, BP retains marketing rights to the gas – buying the produced gas from Perenco in order to meet existing contractual obligations.
"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,” said David Campbell, president of bpTT.
“This is part of our mission to accelerate gas production, create value, and unlock the energy future of Trinidad and Tobago."
Perenco has operating in the country since 2016, and it intends to invest significantly in the mature fields to unlock additional reserves and enhance production capabilities.
Armel Simondin, Perenco chief executive, described it as “a welcome opportunity” and noted that Perenco has completed several ambitious projects in the country, and it is now “a sizeable supplier of gas for the domestic market”.
The transaction is expected to close by the end of 2024.