Thank you for joining me today and for the opportunity to share more on what bpTT has been up to this year and what our plans are for 2023 and beyond.
I have had the opportunity to speak with one or two of you but I wanted to speak more fully about who I am and why I am excited about the Trinidad and Tobago business.
I’m now two months into my role and I’ve hit the ground running spending the last few weeks meeting the amazing people that run our operations here, understanding the business, meeting with government and community stakeholders and immersing myself into the wonderful culture of Trinidad and Tobago.
I have been amazed by the warmth and welcoming nature of your country and treated to some of the most amazing food, places and experiences, and there is still so much to do and see.
A bit about me…I’ve worked with bp since 1984.
I started as a petroleum engineer in the UK and then went on to roles in the US and Mexico. I then transitioned to roles in trading and planning and then to leadership positions. I started my career as a petroleum engineer in the UK North Sea and then went on to roles in Alaska, Mexico and California before returning to London and roles in planning and oil trading.
I then progressed to roles focused on operations, including leadership roles in TNK-BP and North Sea and Iraq.
I was then returned to London to lead the office of the CEO.
After that I was president of bp Russia for eight years responsible for building and strengthening our relationship and businesses with Rosneft.
Which brings us to why we’re here today: I have the privilege to lead such a vibrant and exciting business.
What I bring to the Trinidad and Tobago business is extensive experience in both operations and leadership, as well as an understanding of the overall strategic direction of bp.
I’m excited about heading bp Trinidad and Tobago because of its importance both to this country as well as bp. To give you an indication of the importance of the Trinidad and Tobago business to bp, consider this:
We’ve invested about US$3.4 billlion in T&T between 2018 and 2022. And we expect to invest about US$800 million in 2023.
That investment has gone into projects including:
Investment is the greatest indicator of the confidence bp has in its T&T business, in addition we have focused on commercial arrangements – and on acquiring more acreage through bid rounds - which will lay a strong foundation for the future:
These efforts have seen us manage declines in our base wells keeping them on production longer than expected.
Our teams here have delivered a lot this year, kept our operations running safely, built and delivered significant major projects, progressed important commercial negotiations and focused on winning capital for future investments such as Cypre and Angelin.
So what’s in store for next year?
In addition to the amazing work our teams have been doing to deliver significant projects, progress commercial agreements and keep our people safe I am proud and humbled by the work our team is delivering with our community and NGO stakeholders in Mayaro and across Trinidad and Tobago – whether that’s our education and entrepreneurship programmes such as Brighter Prospects and MIPED or bio-diversity projects in Tobago to support climate resilience. These show the positive impact we can have through empowering people and communities, creating opportunities for development and growth.
I’m excited about our business but also what our success means to Trinidad and Tobago. With on average half of the country’s energy production coming from bpTT, we understand the significant responsibility we have to continue to lead, to evolve, innovate and fight for the capital we need to continue to invest and grow our business here. We – bpTT – will continue to play our role in the development of the energy sector.
As I shared at the Energy Chamber a few weeks ago - over the past weeks, I’ve met energy sector colleagues, members of the Government and had a chance to talk with bpTT staff and contractors. What struck me was the two common themes that came out of my conversations:
In fact, they are aligned with bpTT’s approach to development of our acreage.
I would like to leave you with two words that best define that approach:
Optimism and commitment
We are optimistic about the future; and we are committed to delivering on our investment plans, whether it is bringing on developments like Cassia C or collaborating with others on projects like deepwater and solar.
As I end and as we are still celebrating the achievement of 1st gas from Cassia C I would like to share with you a short video on Cassia C that explains how compression works and that showcases the work involved in bringing such a project to fruition.
After that I am happy to take any questions you may have.