BP Trinidad and Tobago (bpTT) is set to invest close to US$1 billion in Trinidad and Tobago over the next year.
The company's chairman, Norman Christie, in a speech at yesterday's opening ceremony of the Trinidad and Tobago Energy Conference 2012 at the Hyatt Regency (Trinidad) in Port of Spain, outlined the various plans bpTT has for the country, which it considers a key asset in the international portfolio of its parent company BP.
The investments include bpTT's successful bid for two deepwater blocks, plans to spend US$200 million on ocean bottom seismic exploration in existing acreage, investment in capital of approximately US$900 million in 2012 and ongoing investments in human capital and in the communities in which it operates.
Christie said the company, which has been operating in the county for nearly 50 years, deems Trinidad and Tobago as "competitive", with mutual benefit to both country and company.
"The length of our tenure in Trinidad and Tobago is not by accident. The prolific hydrocarbon basins, stable politics, fair fiscal framework, and available talent have made our assets competitive in the BP portfolio and made Trinidad and Tobago competitive by world standards. This competitive standing has also resulted in continuing investments by BP in Trinidad and Tobago," said Christie.
Energy Minister Kevin Ramnarine, who also spoke at the conference, said BP's chief executive Bob Dudley had "made it clear to him that Trinidad and Tobago was BP's largest asset in terms of volumes".
Ramnarine also announced the Ministry of Energy and bpTT had concluded negotiations for deepwater Block 23 (b) and 14.
He added that the process will now be controlled by the Ministry of the Attorney General.
He said the ministry remains in discussion with BG Trinidad and Tobago regarding Block 5 (d) and BHP Billiton for Block 23 (b), but expects to close these discussions by the end of this month.
Ramnarine said energy capital expenditure for 2012 will be estimated to be US$2.5 to US$3 billion.