BP’s subsidiary, BP Trinidad and Tobago (BPTT), announced on September 9 the successful completion of negotiations with the Government of Trinidad and Tobago with regards to extending its pre-existing exploration and production (EP) licenses, according to a press release.
This announcement comes after months of negotiations but the end product has resulted in a 10-year extension on 92 of its licenses in the Columbus Basin.
Claire Fitzpatrick, president of BPTT, said: “Our ability to reach an agreement on these terms demonstrates the strength of our relationship with the Government and provides a mutual advantage for all parties. We maintain our confidence in the long-term future of the Columbus Basin and this agreement underpins the continued maximization of recovery of resources in our existing acreage.
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BP has been operating in Trinidad and Tobago for over 50 years and this contract extension signifies another step forward with regard to the two parties’ relationship.