bp Trinidad and Tobago (bpTT) announced the successful completion of negotiations with the Government of Trinidad and Tobago on extensions to its Exploration & Production licences.
For several months, bpTT, its co-licensees and the Government have been engaged in negotiations related to commercial issues that are important to the future of the energy sector. Negotiations have been successfully completed with agreement for a 10-year extension on 92 of its licences in the Columbus Basin.
bpTT has been operating in Trinidad and Tobago for over 50 years and this agreement gives us the confidence to continue to invest in the development of resources in our Columbus Basin acreage.
bpTT appreciates the continued partnership with the Government of Trinidad and Tobago in the long-term development of the country’s energy resources.
Claire Fitzpatrick, president, bpTT said: “Our ability to reach an agreement on these terms demonstrates the strength of our relationship with the Government and provides mutual advantage for all parties. We maintain our confidence in the long-term future of the Columbus Basin and this agreement underpins the continued maximisation of recovery of resources in our existing acreage.”