BPTT, a History

Release date: 14 May 2008

PROFILE OF BP TRINIDAD AND TOBAGO

BP, formerly BP Amoco, has had a combined history in Trinidad and Tobago which dates back to 1939, when D’Arcy Exploration Company (BP’s exploration arm) acquired interest in Trinidad and began exploring for oil in the Northern basin and the Central Range. In 1969, the Government of Trinidad and Tobago purchased the assets of BP (Trinidad) and vested them in Trinidad-Tesoro Petroleum Company, in which the Government had a 50.1 per cent stake.

In 1961, a consortium involving Amoco obtained an exploration licence to search for oil off the East Coast of Trinidad. In 1962 they spudded their first well (a dry hole). Between 1962 and 1967 the other partners pulled out, leaving Amoco as the sole owner of the licence.

In 1969, after a few more dry holes, Amoco heritage company Pan American oil Co made its first crude oil discovery in the Teak field. This was followed by discoveries in the Samaan field in 1971 and in Poui in 1972. These fields are still producing today.

In 1973, Amoco made its first significant natural gas and condensate discovery in the Cassia field.

In recent years, technology has bettered Amoco’s exploration success rate drastically. During the period 1994 - 1997 the company discovered 12 trillion cubic feet of natural gas and 170 million barrels of condensate, more resources than Amoco has found in any country in a similar period. The company had an amazing string of discoveries - 10 of 11 wells were successful.

Today, the company is the country’s natural gas supplier, and the single largest source of Government revenue. Producing about 450,000 barrels of oil equivalent a day, it is the main supplier of gas to the domestic industrial sector where it is used both as a source of energy or as a feed stock for the petrochemical sector. Just over 60 per cent of the company’s current production is exported to the US and Europe, by Atlantic LNG, a plant which Amoco was instrumental in establishing. Atlantic shipped its first cargo of LNG in April 1999.

That same year, Amoco and Repsol announced plans that would facilitate the expansion of the Atlantic LNG plant by two trains. Repsol would provide markets in Spain and, once agreement was reached, would acquire 10 per cent of Amoco’s upstream assets in Trinidad and Tobago. Atlantic added a fourth train which shipped its first cargo in 2006.

In August 1998, British Petroleum plc and the Amoco Corporation announced their intention to merge, undertaking the largest industrial merger in history. The companies completed the transaction on January 1, 1999, giving birth to the BP Amoco Group. In announcing the merger, Group chief executive, Sir John Browne, described Trinidad and Tobago as one of the BP Amoco crown jewels.

The merger was a resounding success, with the combined companies recording unprecedented financial performances since its completion. During the past two years the BP Amoco Group acquired ARCO, Vastar and Burmah Castrol.

On July 25, 2000 BP Amoco launched a new global brand, marking the amalgamation of all its joint holdings under a single identity and philosophy. The company’s new name: BP.

Here in Trinidad the exploration success continued, with new discoveries in the Manakin and Red Mango fields. The Red Mango discovery, announced in September 2000, was the country’s single largest hydrocarbon find.

BPTT, a History

PROFILE OF BP TRINIDAD AND TOBAGO

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