EOG, bpTT partner in Coconut development

Bp Trinidad and Tobago (bpTT) and EOG Resources Trinidad Ltd (EOG) have agreed to partner on the Coconut gas development. The first gas is expected in 2027.

In a release on August 26, bpTT said the development will be a 50/50 joint venture with EOG as the operator.

It said the final investment decision had been taken by the joint venture partners.

The Coconut field is located off the southeast coast of Trinidad in the Columbus Basin and was discovered in 2005 by bpTT in a water depth of 260 feet.

"This partnership for the Coconut development is part of bpTT's strategy to grow its gas business and unlock the energy future of TT.

"Strategic partnerships are an important component of this strategy, as they allow bpTT to increase the competitiveness of its projects, accelerate resource progression, grow its business and continue to deliver value to bp and the country."

David Campbell, president of bpTT said he is excited by the possibilities that exist and the value that could be unlocked by continuing to leverage the power of strategic partnerships.

"This partnership will allow us to accelerate production from the Coconut field, while giving us the space to progress our Ginger field development and other gas growth opportunities at a faster pace. We are accelerating gas growth while remaining focused on returns to achieve a higher value Trinidad business - one with a clear line of sight to material high margin growth over the next several years."

Campbell said Coconut is the latest development being delivered through a joint venture between itself and EOG.

It said previous developments were: EMZ – 2011; Sercan – 2016; Banyan – 2017; and Mento – to be brought online in 2025.

It added that its key operations in Trinidad involve approximately 680,000 acres off Trinidad’s east coast.