BPTT President: Prudence not panic

"Now is the time to preserve what is good and put into action many things that we have talked about for too long."

January 26, 2015

BP Trinidad and Tobago president Norman Christie has called for a long-term focus even as companies grapple with the effects of soft energy prices.

Christie was speaking at the opening of the Trinidad and Tobago Energy Conference on Monday. He said: “I believe it would be terrible to let a serious downturn go to waste.  Now is the time to preserve what is good and put into action many things that we have talked about for too long.  Hard times have a way of sharpening focus and spurring action.  I hope that is the case for us. To be abundantly clear, this is not a time for panic, this is a time to prudently improve our competitive standing.”

He noted that bpTT was carefully reviewing its plans but would not make any decisions that would short change the future of the company or the country. He added that the current environment highlighted the need for the Gas Master Plan that the Government has commissioned.  He said: “As a contribution to the Plan, our calls for greater risk and reward balance along the gas value chain remains the same in this price environment, but there is now an even more urgent need for this gas master plan to seriously address the concerns raised by the sector.”

Christie added that the Gas Master Plan is an important precursor to the upcoming gas contract negotiations between operators, Government and downstream companies because all parties need to understand Government’s position on issues such as gas pricing, allocation and diversification ahead of negotiations. 

Christie said that companies in the energy sector also need to play their part by improving the efficiency of their operations: We all have a role to play in this – producers, service providers, contractors – need to work together to beat the inflationary pressures that have crept into the industry over the past years and are making us inefficient and uncompetitive.” 

Note to editors:

BPTT operates in 904,000 acres off Trinidad’s east coast. An affiliate company BPEOC also has Production Sharing Contracts for 899,000 acres in two deepwater blocks off the north east coast. BPTT has 13 offshore platforms and two onshore processing facilities.

Further information:

Luis Araujo, bpTT: +1 868 793-3374,  luis.araujo@bp.com

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