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.”
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.