PORT OF SPAIN, Trinidad, CMC—BP Trinidad and Tobago (bpTT) says it has agreed to a 50/50 joint venture with EOG Resources Trinidad(EOG) on the Coconut gas development project.
The Coconut field is located off the southeast coast of Trinidad in the Columbus Basin. bpTT discovered it in 2005 at a water depth of 260 feet.
In a statement, BPTT said that EOG will be the operator, the joint venture partners had made the final investment decision, and the first gas is expected in 2027.
It said the partnership for the Coconut development is part of the company’s strategy to increase its gas business and unlock Trinidad and Tobago’s energy future.
“Strategic partnerships are an important component of this strategy, as they allow bpTT to increase the competitiveness of its projects, accelerate resource progression, grow its business, and continue to deliver value to bp and the country,” said bpTT.
“I am excited by the possibilities and the value we can unlock by continuing to leverage the power of strategic partnerships. This partnership will allow us to accelerate production from the Coconut field while giving us the space to progress our Ginger field development and other gas growth opportunities faster,” said bpTT president David Campbell.
“We are accelerating gas growth while remaining focused on returns to achieve a higher value Trinidad business – one with a clear line of sight to material high margin growth over the next several years,” he added.
Coconut is the latest development being delivered through a joint venture between bpTT and EOG. The companies have worked together on previous developments, including EMZ in 2011, Sercan in 2016, Banyan in 2017, and Mento, which is to be brought online in 2025.
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