Energy giant bp granted 10-year extension on 92 licenses in Trinidad and Tobago

Must Read

Guyana oil revenue will more than double T&T’s and quadruple Suriname’s – Rystad Energy

The South American country of Guyana is on course to receive the highest estimated total income from...

Less than 15 percent of Guyana’s discovered resources have been sanctioned

With over 8 billion barrels of oil equivalent discovered to date and just two approved developments, Guyana...

Majors exiting 203 country positions but remain in play at key locations like Guyana

The largest oil and gas companies in the world,...
OilNOW
OilNow is an online-based Information and Resource Centre which serves to complement the work of all stakeholders in the oil and gas sector in Guyana.

Trinidad and Tobago’s largest hydrocarbon producer, bp, has been granted a 10-year extension on 92 of its exploration and production licences in the Columbus Basin.

According to a report on CNC3, the twin island republic is expected to reap a financial benefit of US$250 million over the next four years, as a result of this extension.

CNC3 said Energy Minister Franklin Khan announced the Licence Extension Agreement on Tuesday among the government, bpTT, and Co-Licencees, EOG Resources, Perenco and its Co-Licencees, the National Gas Company and Heritage Petroleum.

The licence extensions are for the Teak, Samaan and Poui Exploration and Production licences and with bpTT on its East Mayaro Exploration and Production Licence, CNC3 stated.

It was reported that Prime Minister, Dr Keith Rowley, recently disclosed that BPTT officials told him they will soon be cutting 25 per cent of their workforce. However, the company’s Vice President of Corporate Operations, Giselle Thompson, has said that while bpTT will be making the cuts, the exact number of jobs that will be affected in Trinidad has not yet been determined.

With 15 offshore production platforms, bpTT accounts for about 55 per cent of Trinidad and Tobago’s gas production. 

- Advertisement -

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest News

Venezuela buying fuel from Iran with plane loads of gold

Venezuela has reportedly obtained fuel from Iran in return for plane loads of gold, according to comments...

Keppel reviewing offshore business, plans to sell between S$3-5 billion of assets

Keppel Corporation Limited (Keppel) said Tuesday it plans to unlock value from S$3-5 billion of assets over the next 3 years as...

Oil falls as virus count mounts, U.S. debate looms

(Reuters) - Oil prices fell on Tuesday as Europe and the United States grappled with a surge in new coronavirus infections and...

Guyana oil revenue will more than double T&T’s and quadruple Suriname’s – Rystad Energy

The South American country of Guyana is on course to receive the highest estimated total income from its multi-billion-barrel oil and gas...

Less than 15 percent of Guyana’s discovered resources have been sanctioned

With over 8 billion barrels of oil equivalent discovered to date and just two approved developments, Guyana still has significant hydrocarbon resources...

More Articles Like This