Core Insights - BP plc has agreed to sell four mature gas fields and undeveloped resources in Trinidad and Tobago to Perenco T&T as part of its strategy to focus on shallow water, deepwater, and cross-border gas projects in the region [1][4] - The assets being sold include the Immortelle, Flamboyant, Amherstia, and Cashima gas fields, which currently produce approximately 30,000 barrels of oil equivalent per day, along with undeveloped resources from the Parang field [2][5] - BP will continue to purchase gas from these fields to fulfill its contractual obligations, with the ownership transfer expected to be completed by the end of 2024 [3] BP's Strategic Focus - This divestment aligns with BP's broader strategy to high-grade its portfolio by concentrating on new growth areas in Trinidad and Tobago, particularly in shallow water developments and deeper gas opportunities [4][5] - The move is intended to boost gas production, drive value, and support the energy future of Trinidad and Tobago [5] Perenco's Expansion - For Perenco, acquiring these assets marks a significant expansion in Trinidad and Tobago, where the company plans to leverage its expertise in mature field operations to enhance the life and production potential of the newly acquired fields [6][7] - Since entering the Trinidad market in 2016, Perenco has established itself as a notable gas supplier, and this acquisition further strengthens its role in the country's energy security [7] BP's Future Growth Initiatives - BP's divestment of mature assets is part of a series of strategic moves to optimize its Trinidad portfolio, including securing three deepwater blocks in partnership with Shell and participating in a shallow-water bid round in 2024 [8] - Additionally, BP has been granted a license for the Cocuina field in Venezuela, which is a step towards developing the cross-border Manakin-Cocuina gas field [8][9] - A joint venture with EOG Resources, Inc. for the development of the Coconut field is also in place, with the first gas expected in late 2026, reflecting BP's commitment to growing its gas business in Trinidad and Tobago [9]
BP Divests Trinidad Assets, Refocuses on Shallow and Deepwater Gas