BP to Invest US Billions in TT over next five Years

Caption: Prime Minister, Dr. the Honourable Keith Rowley (left) and Minister in the Office of the Attorney General and Legal Affairs and Minister in the Office of the Prime Minister, the Honourable Stuart Young before heading into a meeting in Houston with energy company, Shell. (Photo courtesy the Office of the Prime Minister)

March 30, 2017: BP will invest USD five billion in Trinidad and Tobago over the next five years.

This was just one of the talking points at a high-level meeting yesterday (March 29, 2017) between Prime Minister, Dr. the Honourable Keith Rowley and senior BP executives.

The Prime Minister and Minister in the Office of the Attorney General and Legal Affairs and Minister in the Office of the Prime Minister, the Honourable Stuart Young are in Houston, Texas for a series of critical talks with leaders in the energy industry.

BP Upstream Chief Executive Bernard Looney, BP Chief Operating Officer Andy Hopwood and bptt Regional President Norman Christie represented the company at the meeting.

This important meeting between Trinidad and Tobago and BP brought discussions and negotiations that have been ongoing for months closer to finalisation.

At the meeting it was determined that the final agreement between the National Gas Company and BP for Angelin will be executed shortly and that this project will be kept on schedule.

The parties discussed the investment by BP of between USD$5-6 billion in Trinidad and Tobago over the next five years, with BP committing to further exploration and production.

There was also discussion with respect to Atlantic LNG.

Another matter raised at the meeting was the settlement of long outstanding Royalty Gas positions. It is expected that this will be resolved in the coming weeks.

The parties also discussed the future of the hydrocarbon industry in Trinidad and Tobago and the continuation of the relationship between Trinidad and Tobago and BP. 

In the coming weeks both parties are expected to make further announcements about the successful execution of certain agreements.

The Prime Minister and the Honourable Stuart Young will be meeting with Shell today (March 30, 2017).

 

 

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