BP Trinidad and Tobago (bpTT) announced today that it has reached an agreement for the sale of the Teak, Samaan and Poui (TSP) oil fields, off the south east coast of
The sale is conditional on whether Repsol, a 30 per cent shareholder in bpTT, exercises its pre-emption right to purchase the TSP assets. BPTT, which is 70 per cent owned by BP, will retain deep exploration and production rights across the TSP acreage.
Repsol has 30 days to exercise its pre-emption right. The Government of Trinidad and
The TSP fields currently produce approximately 20,500 barrels of oil equivalent per day (five per cent of bpTT’s current production of oil and gas). The assets comprise bpTT’s three longest- producing fields, the associated offshore infrastructure – 14 platforms – and exploration and production licences.
The TSP fields were discovered between 1968 and 1972 and were producing by 1974. Peak production of 144,000 barrels a day occurred in 1977. To the end of 2004, some 834 million barrels of oil have been produced from the fields.