bpTT Divests Offshore Fields To Perenco T&T

bp Trinidad and Tobago has entered into an agreement with Perenco T&T to divest several of its offshore fields. The fields are Immortelle, Flamboyant, Amherstia and Cashima along with their associated production facilities. A statement from bpTT indicates the Agreement also includes the undeveloped resources from the Parang field. bpTT operates, and currently is the sole owner in each of the assets included in the Agreement. The energy company describes the fields, with the exception of Parang, as mature fields that have been in production from as early as 1993. It adds current production from those fields amount to a total of approximately 30,000 barrels of oil equivalent per day. As part of the deal, bpTT says it will purchase the gas produced from those fields to continue to meet its existing contractual obligations to T&T. bpTT President David Campbell said divesting these mature assets will high-grade our portfolio in Trinidad and Tobago as we focus on continuing to develop our shallow water gas portfolio and pursuing growth opportunities with both deep water and cross-border gas resources. Perenco's CEO Armel Simondon said this is part of our mission to accelerate gas production, create value and unlock the energy future of Trinidad and Tobago. bpTT will continue to operate the assets included in the agreement with Perenco for a transition period at the end of which ownership and operatorship of the assets will be transferred to Perenco T&T. The transaction is expected to close by the end of 2024.