BP Approves Major Trinidad and Tobago Natural Gas Project | OilPrice.com
document.write(write_html);
}
Breaking News:
BP approved on Thursday the development of the Ginger natural gas project offshore Trinidad and Tobago, which will be one of the ten major new projects that the UK supermajor promised to start up by 2027.
In a strategy reset last month, BP said it is increasing its investment in upstream oil and gas to $10 billion per year while slashing spending on clean energy by more than $5 billion a year.
document.write(write_html);
}
In the upstream, BP will aim for 10 new major projects to start up by the end of 2027, and a further 8–10 projects by the end of 2030. Production is also expected to grow to 2.3–2.5 million barrels of oil equivalent per day (boed) in 2030, with capacity to increase to 2035.
The final investment decision (FID) on the Ginger project 50 miles off Trinidad’s southeast coast is one of these major projects.
Ginger will become BP Trinidad and Tobago’s fourth subsea project and will include four subsea wells and subsea trees tied back to its existing Mahogany B platform. First gas from Ginger is expected in 2027. At peak, the development is expected to have the capacity to produce an average gas production of 62,000 barrels of oil equivalent per day.
The Ginger development and the Cypre gas project, scheduled to start up in 2025, are part of BP’s strategy of maximizing production from existing acreage, developing capital-efficient projects that tie into existing infrastructure. The Ginger project meets BP’s expected returns from upstream projects and is fully accommodated within BP’s capital expenditure plans, the supermajor said today.
Offshore Trinidad, BP also announced on Thursday drilling success at the Frangipani exploration well, which identified multiple stacked gas reservoirs within the same geological structure. Options are currently being evaluated to move the discovery forward at pace.
At the end of last year, BP gave the green light to the Cypre gas project, where first gas is expected as early as this year. BP has two other subsea developments offshore Trinidad—Juniper and Matapal.
By Charles Kennedy for Oilprice.com
More Top Reads From Oilprice.com
Join the discussion | Back to homepage
document.write(write_html);
}
FACEBOOK
Twitter
GOOGLE+
LINKEDIN
REDDIT
PRINT
document.write(write_html);
}
EXXON Mobil
-0.35
Open57.81
Trading Vol.6.96M
Previous Vol.241.7B
