Positive Environment News

BP Wins Two Deepwater Blocks In Caribbean

Date: 26-Jul-11
Country: BRITAIN
Author: Sarah Young

BP Wins Two Deepwater Blocks In CaribbeanPhoto: Reuters/Luke MacGregor

A BP petrol station is reflected in a car, in London April 28, 2009.
Photo: Reuters/Luke MacGregor

BP said it has won two oil exploration blocks off the coast of Trinidad and Tobago, adding to a tally of deepwater areas it has been awarded since staunching a massive leak at a Gulf of Mexico well last July.

BP said on Monday that the award of the two deepwater blocks, identified as 23(a) and TTDAA 14 and situated east of Trinidad, will double the area it holds in the Caribbean country.

The company, battling to recover a share price and reputation that were battered by the deepwater Macondo disaster, has gained control of a number of blocks in deepwater over the last year, including ones off the coast of Brazil and Australia and in the South China Sea.

"Increasing our efforts in exploration and applying our deepwater experience and expertise to new basins around the world is a key part of BP's strategy to deliver long-term value growth," said Chief Executive Bob Dudley.

"We are pleased to see the confidence that governments across the world have placed in BP to carefully explore and develop resources."

BP is due to unveil second-quarter earnings on Tuesday, which are expected to lag peers and see investors put pressure on Dudley to clear up what is seen as a confused strategy.

BP's London shares closed up 1.1 percent at 475.4 pence on Monday.

(Editing by Rosalba O'Brien)

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