Page 10 - LatAmOil Week 46 2019

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TRINIDAD & TOBAGO
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She continued: “We are continuing to see the benefits of the significant investment we have made in seismic processing and Ocean Bottom Seismic acquisition. The Columbus Basin is a maturing province, and the Ginger discovery demonstrates that with the right technology, we can continue to uncover further resource potential in the basin. This demonstrates our ongoing commitment to the development of our Trinidad and Tobago operations and the wider
industry.”
BPTT, which is split 70% to BP and 30% to
Repsol, owns a 100% working interest in the Ginger project.
The venture operates 15 drilling platforms offshore Trinidad and Tobago and has also built two onshore processing facilities. It is currently the country’s largest producer of hydrocarbons, accounting for about 55% of total gas produc- tion. ™
BAHAMAS
BPC, Baker Hughes sign master services agreement on drilling equipment
BAHAMAS Petroleum Co. (BPC) reported on November 20 that it had finalised an agreement with US-based Baker Hughes on the supply of equipment for an offshore drilling project next year.
In a statement, BPC described the deal between the parties as a master services agree- ment (MSA). It did not reveal the value of the MSA but said it would involve the provision of wellheads, tubulars and other well-related equipment.
The parties began negotiations on the deal in August of this year, after BPC named Baker Hughes as the winner of a bidding contest for the supply contract. They worked out the details of the MSA during these talks and are now ready to begin implementing the agreement.
According to the statement, BPC has already placed its first order with Baker Hughes accord- ing to the terms stated in the MSA. This order calls for the US-based service provider to deliver 36-inch (914-mm) conductor casing, a well- head set and a contingency wellhead set. Baker Hughes is manufacturing these items specifi- cally for use at BPC’s well and will deliver them in time to ensure that the company can spud its first well on schedule.
Simon Potter, the CEO of BPC, said the deal would benefit his company. “Finalising the master service agreement with Baker Hughes has enabled us to reach a long-awaited and sig- nificant milestone for our company: placing an order for the wellheads that have been made to order for our exploration well in The Bahamas,” he commented. “In ordering these high-value, critical-path, long-lead items, along with the other multiple work streams ongoing, manage- ment is taking demonstrative steps to ensure we remain on track for drilling to commence as per our previously announced drill schedule.”
BPC holds licences for four adjacent offshore blocks: Bain, Cooper, Donaldson and Eneas. Earlier this year, the Bahamian government agreed to extend the company’s exploration licence for the blocks until the end of 2020. This
move gave BPC more time to meet its com- mitment to drilling at least one well within the framework of its second-phase exploration pro- gramme. The firm has said it wants to spud this well in the first half of next year.
According to previous reports, BPC has been trying to find an investor that can help cover the cost of exploration drilling via a farm-in deal. So far, it has not found any takers. (Company representatives did say last month, though, that talks were underway with several candidates.)
Meanwhile, the company has yet to finalise a deal with UK-based Seadrill on the delivery of a rig for the drilling project.
The parties signed a framework agreement in August of this year, and BPC has said it hopes Seadrill’s rig will arrive at the drilling site late in the first quarter of 2020. ™
BPC controls four offshore blocks (Image: BPC)
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w w w . N E W S B A S E . c o m Week 46 21•November•2019