French independent Perenco has acquired a 70% interest in the Teak, Samaan and Poui Block (TSP) in Trinidad and Tobago.
The interest in the fields, offshore south east of Trinidad, has been bought from Repsol E&P T&T, a subsidiary of Spain's Repsol.
Perenco will be operator of the TSP assets, where current production is about 14,000 boe/d. The capacity of Perenco to operate mature fields and enhance economical production in a low oil price environment was well received by the local authorities and the TSP Partners. The completion of this acquisition opens the door to future collaborations and opportunities in Trinidad & Tobago.
Perenco’s CEO, Benoît de la Fouchardiere, said: “We are very pleased to be entering Trinidad & Tobago with the acquisition of a 70% interest in the Teak, Samaan and Poui fields. Maintaining production from ageing assets is a core Perenco competence, and this transaction highlights Perenco’s delivery of our operator led strategy. We look forward to a long partnership with Trinidad & Tobago and welcome the former Repsol employees to Perenco.”