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LatAmOil TRINIDAD & TOBAGO LatAmOil

Bahamas Petroleum wins extension

for Goudron contract in Trinidad

INDEPENDENT oil and gas firm Bahamas that its well participation agreement (WPA) for
Petroleum (BPC) said last week that its service the Inniss-Trinity field in Trinidad had lapsed.
contract for the Goudron field in Trinidad and The WPA was entered into in November 2017
Tobago had been extended until the end of the with Predator Oil & Gas, a Jersey-headquar-
year because of delays related to the coronavirus tered independent with assets in Trinidad and
(COVID-19) pandemic and elections. Morocco.
The end date of the contract has been pushed Predator was required to enter into a share
back from September 30, 2020 until December purchase agreement under which the firm
31, 2020, the firm explained in an operations would acquire the corporate entity that holds
update. 100% of the Inniss-Trinity asset for $4.25mn
BPC has a 100% stake in the Goudron field by the end of September, but it did not do so,
by means of its existing incremental production BPC said. It also stated that it intended to retain
service contract (IPSC) with Trinidad and Toba- a 100% interest in the field.
go’s state-run firm Heritage Petroleum. Inniss-Trinity currently produces approxi-
In its statement, the Caribbean and Atlantic mately 150 barrels per day (bpd) of oil, before
margin-focused oil and gas company described the application of any enhanced oil recovery
the extension as an interim measure. The extra (EOR) techniques. BPC will continue to review
time will allow Heritage to obtain the neces- the application of EOR techniques and further
sary consents from the Ministry of Energy and reservoir enhancement work. ™
Energy Industries for the implementation of a
new 10-year enhanced production-sharing con-
tract (EPSC) agreement, it explained.
Heritage has already submitted the EPSC
to the ministry, but government consent and
approvals have been delayed, BPC said. It attrib-
uted the postponement to the coronavirus pan-
demic and to a national election in Trinidad and
Tobago. BPC’s current stake in Goudron will be
reflected in the final EPSC, it added.
The company, which is headquartered in
the Isle of Man, has assets offshore The Baha-
mas and Uruguay, as well as onshore Suriname
and Trinidad and Tobago. It said in its update The president has already suspended Pemex’s farm-outs (Image: BPC)

COLOMBIA
Occidental sells onshore assets

in Colombia to investment firm

HOUSTON-BASED Occidental Petroleum targets,” it said. It also reported that it expected
revealed last week that it had arranged to sell the transaction to be finalised before year-end.
its onshore assets in Colombia to The Carlyle Occidental did not name the assets involved
Group, an investment firm based in Washington. in the deal, but it did say that The Carlyle Group
In a statement dated October 1, Occidental was set to gain control over its “operations and
said that The Carlyle Group had agreed to pay working interests in the Llanos Norte, Middle
$825mn for the assets in question. The invest- Magdalena and Putumayo Basins.” Addition-
ment firm will shell out $700mn up front, and ally, it stressed that it was not exiting Colombia
the remaining $125mn will be “payable subject altogether, as it intended to continue exploration
to certain production and commodity price work at several offshore blocks.

P14 www. NEWSBASE .com Week 40 08•October•2020