Perenco picks up four BP gasfields in Trinidad

PORT OF SPAIN, September 4, 2024 – BP Trinidad and Tobago has agreed to divest its Immortelle, Flamboyant, Amherstia and Cashima offshore gasfields and associated production facilities to Perenco T&T, the French independent announced on Monday.

With the exception of Parang, the fields are mature assets that have been in production from as early as 1993. Perenco plans to carry out investments to unlock additional gas reserves and increase production, which currently stands at around 30,000 boepd. As part of the deal, BP will buy gas produced from the divested fields to continue meeting its existing contractual obligations.

BP will keep operating the gasfields for a transition period, at the end of which ownership and operatorship will be transferred to Perenco. The transaction, whose financial terms were not disclosed, is expected to close by the end of 2024.

“This is a welcome opportunity for Perenco to grow our Trinidad and Tobago portfolio, validating our entry into the country in 2016. Over the past eight years, Perenco T&T has completed several ambitious projects at the mature TSP asset and has become a sizeable supplier of gas for the domestic market,” said Armel Simondin, CEO of Perenco.

A subsidiary of the Perenco Group, Perenco T&T has been producing hydrocarbons in Trinidad and Tobago since 2016 when it took over operatorship of the Teak, Samaan and Poui fields, located offshore the southeast coast of Trinidad.

Photo courtesy of Perenco

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