bp Trinidad and Tobago (bpTT) has agreed to sell its 100% operated interests in four mature offshore gas fields to Perenco T&T:
- Immortelle, commissioned in 1993;
- Flamboyant, commissioned in 1994, but not currently producing;
- Amherstia (2000) and Cashima (2007), along with their associated production facilities.
Also included in the agreement are the undeveloped 1968 discovery Parang.
Currently, the producing fields generate about 30,000 boe/d. Under the terms of the transaction, bpTT will purchase these volumes to continue meeting its existing contractual obligations.
The company will continue to operate the assets over a transition period, at the end of which ownership and operatorship will be transferred to Perenco T&T. The transaction should close by year-end 2024.
Perenco has been producing hydrocarbons in Trinidad & Tobago since 2016, when it assumed operatorship of the Teak, Samaan and Poui fields offshore the southeast coast of Trinidad. It will work to unlock further value from the bp cluster.
bpTT plans to focus more on projects with longer-term potential. Last year the company was awarded three deepwater Trinidad & Tobago blocks, in partnership with Shell.
The company participated in the recent 2024 shallow water bid round, and it was granted a license for the Cocuina field offshore Venezuela in July, potentially enabling development of the Manakin-Cocuina cross-border gas field.
bpTT has also formed a joint venture with EOG Resources for the development of the Coconut field.
