This agreement is reportedly part of the Caribbean nation’s strategy to enhance gas output, supporting its liquefied natural gas (LNG) facilities.
Trinidad and Tobago has signed a production sharing agreement (PSA) with a BP unit for exploring and producing natural gas in a shallow water block.
This agreement is part of the Caribbean nation’s strategy to enhance gas output, supporting its LNG facilities, reported Reuters.
This PSA follows an offshore bidding round launched by the country on 2 October 2023 and closed on 27 May, reported the Trinidad and Tobago Guardian.
BP has signed a contract for Block NCMA 2 in Trinidad’s NCMA, at a water depth of approximately 200m.
This marks the second agreement for the country following a similar deal with Shell in September for the highly contested Modified U(c) block.
Trinidad and Tobago Minister of Energy Stuart Young said: “The Ministry of Energy and Energy Industries continues to aggressively market and execute concessions to promote exploration and investment in the upstream.
