29 July 2016 - BP Trinidad and Tobago LLC (“bpTT”) and Atlantic LNG (“Atlantic”) today announced the successful sanction of the Trinidad Onshore Compression (TROC) project.
After finalization of key project agreements between the Atlantic shareholders, the National Gas Company of Trinidad and Tobago and other directly impacted upstream stakeholders, the TROC Project received final approval on July 26, 2016.
The project is 100% funded and owned by bpTT and will be operated by Atlantic. It is designed to increase production from low-pressure wells in bpTT’s existing acreage in the Columbus Basin using an additional inlet compressor at the Point Fortin Atlantic LNG plant. Additional upgrades will be made to bpTT’s upstream facilities, as well as those of third parties to accommodate operations of the compressor.
The majority of the construction work will be handled by Atlantic with BP and other shareholder representation. The mechanical completion and commissioning of the TROC compressor at Atlantic will take place over the next few months and start-up is planned for early 2017. When it comes on stream, the TROC project has the potential to deliver approximately 200 million standard cubic feet of gas per day in 2017.
BP Trinidad and Tobago Regional President Norman Christie commented: “The TROC project is another demonstration of bpTT’s long-term commitment to Trinidad and Tobago. It is also a clear example of bpTT, the Government and many key players in the oil and gas industry cooperating to improve production and revenue for Trinidad & Tobago. The investment by bpTT has been significant and will result in increased gas accessibility from our offshore fields to help alleviate the current gas supply shortfalls. We are pleased that the project is progressing and look forward to the start-up of the compressor in early 2017.”
Note to editors:
BP Trinidad and Tobago operates in 904,000 acres off Trinidad’s east coast. BP Trinidad and Tobago has 13 offshore platforms and two onshore processing facilities.
Elyse Guevara-Harris, bpTT: +1 868 728-4476
Luis Araujo, bpTT: +1 868 793-3374
BP Group Press Office: +44 (0)207 496-4076
In order to utilize the ‘safe harbor’ provisions of the United States Private Securities Litigation Reform Act of 1995 (the ‘PSLRA’), BP is providing the following cautionary statement. This press release contains certain forward-looking statements concerning the development of the Trinidad Onshore Compression project, including plans and expectations regarding operation of the project, construction work and the timing thereof; expectations regarding the effect of the project on production levels including estimated daily production levels in 2017; plans and expectations regarding upgrades to BP’s upstream facilities and those of third parties; and plans and expectations regarding BP’s long-term commitment to Trinidad and Tobago and the effect of the project on gas accessibility in the region. Actual results may differ from those expressed in such statements, depending on a variety of factors including changes in public expectations and other changes to business conditions; the timing, quantum and nature of divestments; the receipt of relevant third-party and/or regulatory approvals; future levels of industry product supply; demand and pricing; OPEC quota restrictions; PSA effects; operational problems; regulatory or legal actions; economic and financial conditions generally or in various countries and regions; political stability and economic growth in relevant areas of the world; changes in laws and governmental regulations; exchange rate fluctuations; development and use of new technology; the success or otherwise of partnering; the actions of competitors, trading partners and others; natural disasters and adverse weather conditions; changes in public expectations and other changes to business conditions; wars and acts of terrorism, cyber-attacks or sabotage; and other factors discussed under “Principal risks and uncertainties” in our Stock Exchange Announcement for the period ended 30 June 2016 and under "Risk factors" in our Annual Report and Form 20-F 2015.
This press release contains references to non-proved resources and production outlooks based on non-proved resources that the SEC's rules prohibit us from including in our filings with the SEC. U.S. investors are urged to consider closely the disclosures in our Form 20-F, SEC File No. 1-06262. This form is available on our website atwww.bp.com. You can also obtain this form from the SEC by calling 1-800-SEC-0330 or by logging on to their website atwww.sec.gov