BP to invest (US)$5-billion in Trinidad-Tobago – Prime Minister

Prime Minister Dr. Keith Rowley met with Chairman and CEO of EOG Resources William Thomas

PORT OF SPAIN, Trinidad  — The Trinidad and Tobago government says the oil giant British Petroleum ( BP)  will invest five billion US dollars in the country over the next five years.

A statement from the Office of the Prime Minister said that the assurance was given during talks in the United States between a delegation headed by Prime Minister Dr Keith Rowley and senior senior BP executives  last week.

“This important meeting between Trinidad and Tobago and BP brought discussions and negotiations that have been ongoing for months closer to finalisation. At the meeting it was determined that the final agreement between the National Gas Company and BP for Angelin will be executed shortly and that this project will be kept on schedule.

“The parties discussed the investment by BP of between US$$5-6 billion in Trinidad and Tobago over the next five years, with BP committing to further exploration and production,” the statement noted.

It said that another matter raised at the meeting was the settlement of long outstanding Royalty Gas positions and “it is expected that this will be resolved in the coming weeks.

“The parties also discussed the future of the hydrocarbon industry in Trinidad and Tobago and the continuation of the relationship between Trinidad and Tobago and BP,” noting that “in the coming weeks both parties are expected to make further announcements about the successful execution of certain agreements”.