* BP announces two major discoveries in Trinidad and Tobago
* New project to offset BP's declining production in country
By Ron Bousso
LONDON, June 2 BP has given the go-ahead
for its $500 million Angelin offshore gas field development in
Trinidad and Tobago to help offset declining production in one
of the company's main hubs.
Drilling at the Angelin field, some 60 kilometres off the
south-east coast of Trinidad in a water-depth of approximately
65 metres, is set to begin in the third quarter of 2018.
First gas from the facility is expected in the first quarter
of 2019, BP said in a statement.
The development, the first major offshore project that the
London-based oil and gas company approved this year, will cost
around $500 million dollars, a company spokesman said.
The project includes four wells and will have a production
capacity of approximately 600 million cubic feet of gas a day
that will be tied into the Serrette platform via 21 kilometres
of new pipeline. The gas will then be sold into the domestic
market or exported via the Atlantic liquefied natural gas (LNG)
BP also announced it had made two significant gas
discoveries with the Savannah and Macadamia exploration wells
offshore Trinidad which unlocked some 2 trillion cubic feet
(tcf) of gas.
BP's production in Trinidad has been in steady decline over
the last few years, falling from 461,000 barrels of oil
equivalent per day (boed) in 2010 to 309,000 boed in 2016,
according to Biraj Borkhataria, analyst at RBC Capital Markets.
The country acounts for nearly 10 percent of BP's global
"The sanctioning of Angelin and the new discovery provide a
pipeline of resources to help stem ongoing decline rates, which
in addition to the start-up of Juniper later this year should
help maintain production levels in this important country for
BP," said Borkhataria.
(Reporting by Ron Bousso; Editing by Greg Mahlich)