BPTT’s Angelin project gets the green light

Date: 2 juin 2017

BP Trinidad and Tobago LLC today announced the sanction for the development of its Angelin offshore gas project.

The project will feature the construction of a new platform - bpTT’s 15th offshore production facility - 60 kilometres off the south-east coast of Trinidad in water-depth of approximately 65 metres.

The development will include four wells and will have a production capacity of approximately 600 million standard cubic feet of gas a day (mmscfd). Gas from Angelin will flow to the Serrette platform hub via a new 21 kilometre pipeline.

Drilling is due to commence in Q3 2018 and first gas from the facility is expected in 1Q 2019.

BPTT Regional President Norman Christie said: “We are pleased to be able to announce the sanction of the Angelin project which was made possible due to the execution of a new gas sales contract with the National Gas Company. Successful completion of these negotiations was important not only to the sanction of Angelin but will also underpin a further US$5-$6 billion in potential future investments over the next five years. These investments are important to increasing indigenous national gas production and bringing more stability to gas supply to the downstream and Atlantic.”

Christie also thanked NGC for its role in facilitating the negotiations: “I would like to recognize NGC for the spirit of cooperation they brought to the negotiating table and working to ensure that the new agreement would benefit the entire gas value chain.”

Angelin was originally discovered by the El Diablo well in 1995 and appraised by the La Novia well in 2006.

Notes to editors

BPTT operates in 904,000 acres off Trinidad’s east coast. BPTT has 14 offshore platforms and two onshore processing facilities. BPTT is 70 per cent owned by BP and 30 per cent owned by Repsol.

Further information

Danielle Jones, bpTT: +1 868 497-4747
Luis Araujo, bpTT: +1 868 793-3374

Cautionary statement

In order to utilize the ‘safe harbor’ provisions of the United States Private Securities Litigation Reform Act of 1995 (the ‘PSLRA’), BP is providing the following cautionary statement.

This press release contains certain forward-looking statements concerning BP’s plans and expectations with respect to the development of the Angelin offshore gas project, including the timing thereof; expectations that the development will have four wells and a production capacity of 600 million standard cubic feet a day; and expectations with respect to the amount of BP Trinidad and Tobago investments over the next five years.

Actual results may differ from those expressed in such statements, depending on a variety of factors including changes in public expectations and other changes to business conditions; the timing, quantum and nature of divestments; the receipt of relevant third-party and/or regulatory approvals; future levels of industry product supply; demand and pricing; OPEC quota restrictions; PSA effects; operational problems; regulatory or legal actions; economic and financial conditions generally or in various countries and regions; political stability and economic growth in relevant areas of the world; changes in laws and governmental regulations; exchange rate fluctuations; development and use of new technology; the success or otherwise of partnering; the actions of competitors, trading partners and others; natural disasters and adverse weather conditions; wars and acts of terrorism, cyber-attacks or sabotage; and other factors discussed under “Risk factors” in our Annual Report and Form 20-F 2016.

This press release contains references to non-proved resources and production outlooks based on non-proved resources that the SEC's rules prohibit us from including in our filings with the SEC. U.S. investors are urged to consider closely the disclosures in our Form 20-F, SEC File No. 1-06262. This form is available on our website at www.bp.com. You can also obtain this form from the SEC by calling 1-800-SEC-0330 or by logging on to their website at www.sec.gov.