NGC/ BPTT Negotiations in Final Stages

March 30, 2017

BP Trinidad and Tobago (bpTT) confirms that it has reached agreement on key terms for a new gas sales agreement with the National Gas Company of Trinidad and Tobago (NGC) and both parties will be moving forward with urgency to finalize the gas sales contract which is a critical prerequisite for the sanction of Angelin, its next new field development after Juniper.

“We are pleased that negotiations with the NGC on a new gas sales agreement have reached this critical milestone.  Finalizing the gas sales agreement will pave the way for the Angelin project and future investments.  BPTT recognizes the critical need for increased production from indigenous gas resources and aims therefore to have the start-up of Angelin follow after Juniper which is scheduled to start production in 2017.  Reaching agreement with NGC on key contractual terms has preserved Angelin’s project timeline which anticipates the start of production in early 2019,” said Norman Christie, bpTT Regional President.

Having operated in Trinidad and Tobago for over fifty years, BPTT continues to be a major player in the Trinidad and Tobago energy sector and an important partner in the country’s economic development.  While both parties work on the finalization of the gas sales contract, bpTT maintains its focus on a significant investment programme in 2017 with plans to invest approximately USD 1.5 billion in finding and developing gas resources. This includes completion of the Trinidad Region Onshore Compression (TROC) and Juniper projects, the progression of future projects, an aggressive development drilling programme in existing fields, further investments in seismic, and the drilling of two exploration wells, both under way.  Timely completion of the gas sales contract will also underpin potential investments totaling approximately USD 5 - 6 billion from 2017 - 2022. 

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Contact:

Danielle Jones 868 497 4747
Luis Araujo 868 793 3374