BP Trinidad seeking efficiency.(TRINIDAD & TOBAGO)

0 Comments | Caribbean Update, July, 2009

Squeezed by lower natural gas prices and rising costs, BP Trinidad & Tobago is focusing on increasing its efficiency this year, which could involve adjusting suppliers' contracts, reports Reuters (May 29, 2009). The company, a subsidiary of BP Plc, accounts for 55% of hydrocarbons production and contributes 25% of annual national revenue here.

BPTT's 2008 production totaled 457,000 barrels of oil equivalent per day; 96% was natural gas and 4 % was crude oil and condensate. BPTT said it faced natural gas prices 56% lower than 2008, while unit operating costs rose by 12%, and the cost of developing reserves rose by 42% per project, the company said.