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.
Gas from Savonette, off the east coast of Trinidad, is expected to be available by the end of 2009, BPTT
holds exploration and production licenses covering 904,000 acres in marine areas off Trinidad and Tobago's east coast.
, majority owned by British oil major BP Plc, bore the entire US$80 million cost to drill the well on behalf of partners EOG Resources and local state owned companies Petrotrin and the National Gas Co.
The billion barrel find was also expected to spur a platform fabrication industry to meet the needs of BHP and BPTT
over the next ten to 15 years.
The Government is moving to renegotiate an increase in gas royalties with BPTT
which would dramatically increase state revenues, said Energy Minister Eric Williams, reports Reuters (March 8, 2002).
said the discovery of one trillion cubic feet (tcf) of gas was made in the Cashima 1 well, the first of four exploratory wells planned by BP for 2001: