BP p.l.c. ‘s (NYSE:BP) bp Trinidad and Tobago (bpTT) disclosed on Thursday that it successfully commenced gas production from its Cypre development.
The Cypre gas field lies 78 km off Trinidad’s southeast coast in the East Mayaro Block at an 80-meter water depth. It is fully owned by bp Trinidad and Tobago, a joint venture between bp (70%) and Repsol (30%).
Cypre is among bp’s 10 major projects set to launch between 2025 and 2027 as part of its upstream growth strategy. The project will contribute to the expected 250,000 boed peak net production from these developments.
At peak, it is expected to produce around 45,000 boed (250 million standard cubic feet of gas per day).
The first phase, consisting of four wells, was completed in late 2024, with the second phase set to begin in the latter half of this year.
Notably, Cypre is bp’s second major project to launch in 2025, following the Raven field’s second development phase in Egypt.
The project aligns with bp’s expected upstream returns and fits within its capital expenditure plans.
Cypre marks bpTT’s third subsea development, featuring seven wells connected to the existing Juniper platform.
William Lin, EVP gas and low carbon energy said, “The second of 10 major projects across our global portfolio that we expect to start up by 2027, Cypre is also the first of a series of projects we will be bringing online in Trinidad to deliver gas to the nation and add value for bp.”
bpTT president David Campbell added, “Cypre is another key milestone in bpTT’s strategy to maximize production from our shallow water acreage using existing infrastructure. The project not only reinforces our commitment to maintaining production but also plays a crucial role in satisfying our existing gas supply commitments.”
Last month, the company disclosed that Apollo Global Management-managed funds will acquire a 25% non-controlling stake in BP Pipelines (TANAP) Ltd – bp TANAP for around $1.0 billion.
Investors can gain exposure to the stock via Precidian ETFs Trust BP plc ADRhedged (BATS:BPH) and Texas Capital Funds Trust Texas Capital Texas Oil Index ETF (NYSE:OILT).
Price Action: BP shares are down 3.87% at $32.50 premarket at the last check Thursday.
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