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Monday 10 August, 2020

PM: BP to invest US billions in T&T over next five years

In a statement issued by the Office of the Prime Minister, following a meeting between Dr Rowley and Minister Stuart Young with BP Upstream Chief Executive Bernard Looney, BP Chief Operating Officer Andy Hopwood and bptt Regional President Norman Christie, it was announced 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 statement said this important meeting between Trinidad and Tobago and BP brought discussions and negotiations that have been ongoing for months closer to finalisation.

The parties discussed the investment by BP of between US$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 statement said.

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 on Thursday.



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