BP gives approval to $500 million gas project offshore Trinidad

05/06/2017 08:28 Natural Gas


BP has given the authorization for its $500 million Angelin offshore gas field development in Trinidad and Tobago to help counterbalance decreasing production in one of the company's major hubs.

Drilling at the Angelin field, several 60 kilometres off the south-east coast of Trinidad in a water-depth of around 65 metres, is likely to start in the third quarter of 2018.
Initial gas from the facility is anticipated in the first quarter of 2019, according to BP.
The development, the first significant offshore project that the London-based oil and gas firm approved this year, will cost about $500 million dollars, as stated by a company spokesman.
The project comprises four wells and will have a production capacity of around 600 million cubic feet of gas a day that will be connected to the Serrette platform through 21 kilometres of new pipeline. The gas will then be sold into the domestic market or exported via the Atlantic liquefied natural gas (LNG) terminal.
BP also made known about two important gas discoveries with the Savannah and Macadamia exploration wells offshore Trinidad which unlocked several 2 trillion cubic feet (tcf) of gas.
BP's output in Trinidad has been in constant decline over the last few years, dropping from 461,000 barrels of oil equivalent per day (boed) in 2010 to 309,000 boed in 2016, according to Biraj Borkhataria, analyst at RBC Capital Markets.
The nation accounts for approximately 10 percent of BP's global production.


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