Following is the full statement released by former Prime Minister Patrick Manning announcing his decision to decline the nomination for the Order of the Republic:...
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BP farms out deepwater blocks to BHP Billiton
BP PLC has farmed out the majority interest of its two deepwater blocks to Australian outfit BHP Billiton. The Business Guardian has confirmed that the deal was concluded just over a month ago and both companies have so far been tight-lipped about it.
On Tuesday, BP confirmed the deal in an e-mail response to questions from the Business Guardian.
“BP confirms that it has completed negotiations with BHP Billiton about farming out an interest in deepwater Blocks TTDAA 14 and 23(a)”, the e-mail read. It went on to say that while the two companies had reached agreement, it was awaiting approval from the Ministry of Energy and Energy Affairs.
Should the deal be confirmed by the Persad-Bissessar administration, it would mean that BHP Billiton will be the operator on all of the deepwater blocks offered since they have also been awarded the other four blocks that have been signed in the last two years.
It also means that the country’s largest energy producer is now not taking all the risk in the two deepwater blocks and is sharing it with BHP Billiton.
It was back in July 2011 that BP Exploration Operating Company was awarded 100 per cent interest and operatorship of Blocks 23(a) and TTDAA 14 offshore the east coast of Trinidad. Spanning 2,600 square kilometres, Block 23(a) is located in waters averaging 2,000 metres deep, about 300 kilometres northeast of BP’s Galeota Point onshore processing facility. The adjacent TTDAA 14 covers 1,000 square kilometres with similar water depths.