00:00BP Trinidad and Tobago, BPTT, announced on Monday that it has agreed to partner with
00:06EOG Resources Trinidad Limited, EOG, on the coconut natural gas development.
00:13In a media statement, BPTT said the coconut field is located off the southeast coast of
00:18Trinidad in the Columbus Basin and was discovered in 2005 by BPTT in a water depth of 260 feet.
00:29BPTT further said Coconut will be a 50-50 joint venture with EOG as operator.
00:36Trinidad and Tobago has been experiencing a shortfall in natural gas production in recent
00:41years.
00:42Natural gas is used by the Atlantic LNG plant in Point 14 to produce liquefied natural gas
00:48for export.
00:49Natural gas is also used by the plants at the Point Lisa's Industrial Estate, which
00:53produce other downstream gas products for export such as ammonia, methanol, urea and
00:59propane.
01:01Natural gas is also used for the production of electricity in Trinidad and Tobago.
01:06BPTT said its partnership for the coconut development with EOG is part of BPTT's strategy
01:12to grow its gas business and unlock the energy future of Trinidad and Tobago.
01:18BPTT quoted its President David Campbell as having said that he is excited by the possibilities
01:23that exist and the value BPTT can unlock by continuing to leverage the power of strategic
01:30partnerships.
01:31Mr Campbell said this partnership will allow for the accelerated production from the coconut
01:36field, while giving BPTT the space to progress its ginger field development and other gas
01:43growth opportunities at a faster pace.
01:47Mr Campbell also said BPTT is accelerating gas growth while remaining focused on returns
01:53to achieve a higher value Trinidad business, one with a clear line of sight to material
02:00high margin growth over the next several years.
02:03BPTT said the final investment decision has been taken by the joint venture partners and
02:09first gas is expected in 2027.
02:13BPTT said its key operations involve approximately 680,000 acres off Trinidad's east coast and
02:22operates 16 offshore platforms and two onshore processing facilities.
02:28Jule Brown, TV6 News.
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