bp is selling its mature offshore gas fields in Trinidad and Tobago to focus on shallow water, deepwater, and cross-border gas opportunities. The company said it has entered into an agreement with Perenco to divest its Immortelle, Flamboyant, Amherstia, and Cashima fields, along with the undeveloped Parang field.
The deal involves fields currently producing around 30,000 barrels of oil equivalent per day. bp will buy the gas from these fields to meet its contractual obligations. The transaction is expected to close by the end of 2024, with bp continuing to operate the assets during a transition period before Perenco takes over.
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David Campbell, bp TT’s President, said the divestment will “high-grade our portfolio in Trinidad and Tobago,” enabling BP to focus on “shallow water gas” and “deep water and cross-border gas resources.” He emphasized bp’s mission to “accelerate gas production, create value and unlock the energy future” for the country.
Perenco sees the deal as a strategic move to expand its presence in Trinidad. Armel Simondin, Perenco’s Chief Executive Officer, highlighted the company’s expertise in mature fields and its plans to increase production. “We will apply our mature field expertise to develop further the resources from these newly acquired fields,” Simondin said.
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The divestment follows bp’s recent steps to optimize its portfolio in Trinidad, including joint deepwater projects with Shell and a joint venture with EOG Resources for the development of the Coconut field, expected to produce gas by 2027.
Campbell noted that the company’s strategy is to “accelerate gas growth” while focusing on returns and unlocking high-margin growth opportunities for Trinidad’s energy future.
