bpTT to divest mature gas fields to Perenco

BpTT has announced that it will divest four mature gas fields – the Immortelle, Flamboyant, Amherstia and Cashmia offshore gas fields – undeveloped resources from its Parang field and associated production facilities.

It announced the divestment in a press release.

In April, news reports suggested that the move to divest the fields was coming, but officials neither confirmed nor denied whether the deal was being struck until September 2.

In the release, bpTT said it currently operates and is the sole owner of each of the assets.

“The fields, with the exception of Parang, are mature fields that have been in production from as early as 1993 and currently produce a total of approximately 30,000 barrels of oil equivalent per day (BOEPD),” the release said.

The Immortelle field was commissioned in 1993; the Flamboyant in 1994 – but is not currently in production; the Amherstia  in 2000; and the Cashmia in 2007. The Parang field was discovered in 1968.

The release said that as part of the deal, bpTT will buy the gas produced from the fields to continue to meet its existing contractual obligations.

“Divesting these mature assets will high-grade our portfolio in TT as we focus on continuing to develop our shallow water gas portfolio and pursuing growth opportunities with both deep water and cross-border gas resources,” said CEO Dave Campbell.

“This is part of our mission to accelerate gas production, create value and unlock the energy future of TT.

“Meanwhile, Perenco will be able to apply their mature asset expertise to extend these fields’ producing life and support maximum recovery of resources.”

Perenco, which does about 10,000 BOEPD in TT, has been producing hydrocarbons in TT since 2016 when it took over and began production of the Teak, Samaan and Poui fields.

In an Energy Now report, the TT Energy Chamber welcomed the divestment, saying the move presents an excellent opportunity for TT to continue production from these fields.

“In a mature oil and gas province like TT, it is important to have a good mix of different upstream operator companies, each with different strengths and capabilities. Major exploration campaigns and greenfield developments need major multi-national oil and gas companies with the necessary resources.”