BP to invest up to US$8 billion in T&T

The arrival of the Angelin, bpTT’s 15th offshore platform in T&T, is part a ten-year development plan which will see the energy company investing up to US$8 billion in nine major projects.

Claire Fitzpatrick, who was appointed Regional President in February, unveiled some of the company’s plans during an open house session at bpTT’s corporate offices in Port-of-Spain yesterday.

She emphasised, however, the need for T&T to remain competitive within the BP Global portfolio for final successful decisions on investments.

Noting that there remain decades of demand for gas and this makes bpTT increasingly important to BP, Fitzpatrick added: “Our industry is in rapid change globally and to remain competitive and successful in this environment means that we must change and continue to evolve to keep our operations here attractive to further investment.”

During yesterday’s session, bpTT officials highlighed recently introduced innovations to find and recover hydrocarbons more safely and efficiently.

New technology that is already showing signs of success includes ccean bottom nodes, patented Independent Simultaneous Source ISS and Full Waveform Inversion, which have speeded up the seismic acquisition process, while reducing costs and environmental impact.

The system has already resulted in a 25 per cent increase in data collected and increased effciency.

Also deployed is the Argus toolkit which uses big data to allow engineers to remotely optimise production.

In real time, company personnel are now able to monitor 77 wells, 13 platforms, three hubs and 1.2 million feet of pipe. The technology has been used successfully in two major project start-ups—Juniper and TROC.

Fitzpatrick pointed out that while technology may bring more certainty to hydrocarbon resources below the surface, above the surface there is still important work to be concluded with Government and industry stakeholders to keep T&T competitive.

“Empowering skilled local staff with technology works best when above the ground factors also reflect the dynamism of a new, competitive industry and world,” she said.

Some of that certainty will come after completion of negotiations with Government and Atlantic shareholders on Atlantic Train 1.

Another key development for the company is the arrival of the Angelin platform and pre-installation checks will be conducted off the west coast in the coming weeks.

First gas from Angelin is expected in the first quarter of 2019.

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