BP is expected to close a deal to sell some Trinidad and Tobago upstream assets to Perenco, Reuters learned from people familiar with the talks.
The divestment of the Amherstia, Cashima and Immortelle fields would reduce BP’s Trinidad gas output by almost 200 million cubic feet per day (mcfd), removing some 15% off its 1.3 billion cubic feet per day (bcfd). This comes after BP’s Trinidad output dropped by almost half in the last five years.
Reuters said BP is in talks to sell to Anglo-French Perenco, which also has some assets in Trinidad. According to Perenco’s website, it produces 10,000 barrels of oil equivalent per day (boepd) in the twin-island nation’s territory.
While BP is moving to sell, it has options to pursue increased output offshore Trinidad.
BP operates the Trinidad Block 5B, which is at the center of talks between Trinidad and Venezuela for cross-border development of the Manakin-Cocuina gas field.
BP, in partnership with Shell, was also awarded three deepwater exploration blocks off Trinidad’s east coast.
