Wowser! BP Triniadad to Invest US$1.1 Billion in 2012…BUT

Trini hot! hot! hot! Yes, Trinidad and Tobago continues to be one of the major players in the energy market as BPTT secured a staggering US$1.1 Billion for 2012.

by myukewie

 BPTT Regional President Norman Christie said on Monday that Trinidad and Tobago assets remain competitive in the BP portfolio, resulting in continuing investments and its recent successful bids for two deepwater blocks in the Atlantic.

BPTT operates 13 offshore platforms and one onshore processing facility and produces approximately 450,000 barrels of oil equivalent a day.

The large figure is no small feat.

“This is particularly striking when you think about Trinidad and Tobago competing for capital against huge resource basins and markets such as Brazil, Angola, China, India, and Russia,” Christie said.

Warning

BPTT has warned, however that big figures won’t continue to come as easily as the market becomes increasingly competitive, as the local “subsurface and surface landscape” make accessing resources “harder and more costly” and as BPTT’s current infrastructure ages.

“So, in a real sense, every year BPTT is competing for new capital which needs to be attracted in the same way that a new company is attracted to Trinidad and Tobago.

Going forward, there will need to be very deliberate and strategic input from the government.