A decade after its first attempt to buy the Teak, Samaan and Poui (TSP) fields off Trinidad’s southeast coast, Anglo-French operator Perenco has announced that it has acquired a 70% operator interest in the blocks from Repsol. Perenco, in partnership with Trinidad-based conglomerate Massy, had originally made an offer to purchase the fields from bpTT, but that offer was pre-empted by Spanish oil company Repsol, which is a 30% shareholder in bpTT. Repsol acquired a 70% operator interest in the three fields, with the state-owned National Gas Company (NGC) and Petroleum Company of Trinidad and Tobago Limited (Petrotrin) both owning 15%. 

Perenco has now purchased Repsol E&P T&T and their 70% holding in the TSP fields. While they no longer have any operating assets, Repsol will remain in Trinidad and Tobago to look after its 30% shareholder interest in bpTT, and in the exploration block 23B, operated by BHP Billiton (BHP). It will also use Trinidad as a hub for its wider regional exploration programmes, including Guyana and Barbados. 

Perenco will now be the operator of the TSP assets, where current production is in the region of 14,000 barrels of oil equivalent per day (BOE/D). The TSP fields began production back in 1974, operated by Amoco, and for many years they were Trinidad and Tobago’s flagship development. Production from the fields peaked in the late 1970s at over 140,000 barrels per day (BPD). 

Globally, Perenco produces approximately 450,000 BOE/D and has production in 12 countries, including operations in Africa, South/Central America and Asia. The company has a reputation for specialising in competitively operating mature oil and gas assets. Perenco reports that its ability to operate mature fields and enhance production in a low oil price environment has meant that its move into Trinidad and Tobago has been well received by the government and the TSP partners. 

The completion of this acquisition opens the door to future collaborations and opportunities in Trinidad and Tobago. 

According to Perenco’s Chief Executive Officer (CEO), Benoît de la Fouchardiere, “We are very pleased to be entering Trinidad and Tobago with the acquisition of a 70% interest in the Teak, Samaan and Poui fields. Maintaining production from ageing assets is a core Perenco competence, and this transaction highlights Perenco’s delivery of our operator-led strategy. We look forward to a long partnership with Trinidad and Tobago and welcome the former Repsol employees to Perenco.”