BP to invest US$5B

This was one of the topics discussed at a high-level meeting on Wednesday between senior BP executives and Prime Minister Dr Keith Rowley, according to a release issued yesterday from the Office of the Prime Minister.

Rowley and Minister in the Office of the Attorney General and Legal Affairs/Minister in the Office of the Prime Minister Stuart Young are in Houston, Texas for a series of critical talks with leaders in the energy industry.

BP Upstream Chief Executive Bernard Looney, BP Chief Operating Officer Andy Hopwood and BP Trinidad and Tobago (bpTT) Regional President Norman Christie represented TT at the meeting; bpTT is one of the leading oil and gas production companies in this country.

“This important meeting between Trinidad and Tobago and BP brought discussions and negotiations that have been ongoing for months closer to finalisation,” the release stated.

It was also reported that at the meeting it was determined that the final agreement between the National Gas Company and BP for Angelin gas field, which is 40 km offshore Trinidad and Tobago’s east coast, “will be executed shortly and that this project will be kept on schedule.” The parties discussed the investment by BP of between US $5-6 billion in Trinidad and Tobago over the next five years, with BP committing to further exploration and production and there was also discussion with respect to Atlantic LNG, though no details were provided in the release.

The release also reported another matter raised at the meeting, the settlement of long outstanding “Royalty Gas” positions, It is expected that this will be resolved in the coming weeks.

The parties also discussed the future of the hydrocarbon industry in Trinidad and Tobago and the continuation of the relationship between Trinidad and Tobago and BP. In the coming weeks both parties are expected to make further announcements about the successful execution of certain agreements, the release added.

Rowley and Young were scheduled to meet with representatives of energy company Shell yesterday.