British Petroleum's Trinidad and Tobago subsidiary, bpTT, has agreed to sell three oil producing site off the southeast coast of Trinidad to Perenco, and Neal & Massy Energy.
The assets, which produce 21,000 barrels a day and make up around 5% of bpTT’s output, are expected to bring in $229 million, according to Marketwatch.com.
However, final completion on the sale of the Teak, Samaan and Poui (TSP) oil fields, which include 14 platforms and a number of production licenses, is dependent on Repsol YPF, a shareholder in bpTT, choosing not to enforce its pre-emption right to purchase the TSP assets.
According to BP, Repsol now has 30 days in which to exercise its rights, while the Trinidad and Tobago government has 60 days to decide whether to enact a right to purchase up to 15% equity holding in the assets.
After the sale is completed, which is forecast for September, BP will retain its deep water exploration rights for the area and it will look to reinvest some of its income from the sale in further developing its gas business.