BP wins contracts for deepwater exploration off T&T's east coast

BP has announced that the Government of Trinidad and Tobago has awarded the company two deep water exploration blocks off the east coast of Trinidad.

BP Regional President Norman Christie said the company proud about the confidence the government has placed in the company. 

"We are very pleased to be given this opportunity to be pioneers as we work to unlock the deepwater potential of Trinidad and Tobago using the best technology and expertise available," he said. 

The operation carries substantial risks. Industry experts say if exploration activities be successful, it could at least 10 years for BP to produce any hydrocarbons from the new acreage.

According to Christie the exploration activity in itself would be beneficial to the country as it would give nationals the opportunity to gain experience and build new skills and capabilities in deepwater exploration. 

“In a sense, this opportunity to continue to build the knowledge base in the industry is, in itself, as valuable as any potential oil or gas find,” he told reporters.

BP currently produces more than half of Trinidad and Tobago's natural gas, which represents about 12 per cent of BP's global production. 

Christie said Trinidad and Tobago is very important to BP. “We plan to continue to enhance our activity here to the mutual benefit of BP and the people of Trinidad and Tobago,” he said.