BP Wins Exploration Rights for Shallow Water Block Offshore Trinidad [Yahoo! Finance]
BP p.l.c. (BP)
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Source: Yahoo! Finance
BP's subsidiary won an offshore bidding round hosted by Trinidad and Tobago last year. The agreement allows for the exploration and production of natural gas in the shallow water block. The PSA is aimed at increasing the country's natural gas output to boost the supply of its liquefied natural gas (LNG) facilities. Trinidad and Tobago's natural gas supply has been dwindling in recent years, and as such, the country is struggling to increase output to feed its LNG facilities. The country's Ministry of Energy and Energy Industries is actively promoting exploration and production activities in the upstream segment by marketing available concessions to attract investments. Block NCMA 2 lies in the North Coast Marine Area of Trinidad. The water depth at the site is approximately 200 meters. This is the second agreement signed by Trinidad and Tobago to increase the country's natural gas output. The first agreement was signed in September 2024 with Shell plc for the Modified U(c) block.
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