BP says it will divest mature gas fields to Perenco
Adds details from paragraph 3-8
Sept 2 (Reuters) -BP Trinidad and Tobago (bpTT) hasentered into an agreement with Perenco T&T to divest its Immortelle, Flamboyant, Amherstia and Cashima offshore gas fields and associated production facilities, oil major BP BP.L said in a statement on Monday.
The agreement also includes the undeveloped resources from the Parang field, it said.
All fields, barring Parang, have been operational since 1993 and currently yield about 30 thousand barrels of oil equivalent per day. Under the terms of the agreement, bpTT will buy the gas produced from these fields to meet its existing contractual obligations.
"Divesting these mature assets will high-grade our portfolio in Trinidad and Tobago as we focus on continuing to develop our shallow water gas portfolio and pursuing growth opportunities with both deep water and cross-border gas resources," David Campbell, president of bpTT, said.
The sale comes as part of a broader strategy by BP to streamline its operations and focus on higher-value assets. This strategy has seen BP divest assets worldwide and comes as the company faces pressure to transition towards cleaner energy sources.
The deal will also allow Anglo-French oil company Perenco to expand its presence in Trinidad and Tobago, investing in the assets to unlock additional gas reserves and increase the fields' production potential.
BP is Trinidad and Tobago's largest natural gas producer with an output of just over 1.3 billion cubic feet per day (bcfd), most of which is exported to Europe and Latin America as liquefied natural gas (LNG).
About 18% of BP's LNG production came out of the Caribbean island in 2022, according to its annual report.
Reporting by Anjana Anil and Anmol Choubey in Bengaluru; Editing by Sandra Maler and Andrea Ricci
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