PORT OF SPAIN, Trinidad, CMC — Bp Trinidad and Tobago (bpTT) says it has reached an agreement with EOG Resources Trinidad(EOG) on the coconut gas development project as a 50/50 joint venture.

The coconut field is located off the south-east coast of Trinidad in the Columbus Basin and was discovered in 2005 by bpTT in a water depth of 260 feet.

In a statement, bpTT said that EOG will be the operator and the final investment decision had been taken by the joint venture partners, and first gas is expected in 2027.

It said the partnership for the coconut development is part of the company’s strategy to increase its gas business and unlock the energy future of Trinidad and Tobago.

“Strategic partnerships are an important component of this strategy, as they allow bpTT to increase the competitiveness of its projects, accelerate resource progression, grow its business, and continue to deliver value to bp and to the country,” said bpTT.

“I am excited by the possibilities that exist and the value that we can unlock by continuing to leverage the power of strategic partnerships. This partnership will allow us to accelerate production from the coconut field, while giving us the space to progress our ginger field development and other gas growth opportunities at a faster pace,” said bpTT president, David Campbell.

“We are accelerating gas growth while remaining focused on returns to achieve a higher value Trinidad business — one with clear line of sight to material high margin growth over the next several years,” he added.

Coconut is the latest development being delivered through a joint venture between bpTT and EOG, as the companies have worked together on previous developments, including EMZ in 2011; Sercan, 2016; Banyan, 2017; and Mento, which is to be brought online in 2025.