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  4. David Campbell at the Mento sailaway tour
                                   
David Campbell

Ladies and Gentlemen,

 

Good afternoon. It is a pleasure to be here today as we mark this phase in the construction of the Mento platform. To George and the team from EOG, thank you for the invitation to be part of this celebration and to say a few words as well.

 

In March of this year, I had the opportunity to join the Honourable Prime Minister as he toured the yard to see the jacket and topsides under construction and it is wonderful to be back here just seven months later to be commemorating the completion of construction here at TOFCO. A huge thank you to the entire TOFCO team and the team at EOG who have delivered this milestone safely and efficiently.  

 

This brings us a step closer to first gas and Minister Young, I am certain that more production is music to your ears. We are honoured that you could join us to mark this important milestone in the Mento project – one we all agree is important to Trinidad and Tobago.

 

Mento, along with our partnership with EOG, is a crucial component of bp’s strategy to unlock Trinidad and Tobago’s energy future. Allow me to share a bit about bp’s journey and how Mento fits into our plans.

 

At bp, we are pursuing a focused strategy that aims to efficiently maximise resources in the Columbus basin, access new basins such as deepwater and cross-border areas, create advantaged access to markets with mutually beneficial commercial terms, and lower emissions – primarily from our operations – but also by investing in competitive low carbon businesses – as we have done with the solar project underway at Brechin Castle. We believe that by partnering with others, we can accelerate the development of Trinidad and Tobago’s energy resources and the delivery of value to the country.

 

This brings us to where we are today. Mento is not just a joint venture; it signifies much more. It represents another milestone in the strong partnership between bp and EOG. This collaboration brings together the knowledge and expertise of both companies, ultimately benefiting Trinidad and Tobago. It allows us to continue to efficiently access gas resources in the Columbus basin. This is a maturing basin and the remaining gas pools we are going after are smaller. This calls on us to be innovative in how we access these resources and requires us to operate and partner differently to be able to get the most out of the acreage.

 

Our partnership with EOG began with the EMZ development in 2012 and has since grown to include several significant projects. In 2016, we embarked on the Sercan project, followed by the Banyan project in 2017. We are also looking forward to the Beryl exploration well, projected for 2024. And we expect gas production from Mento in 2025. Over the last quarter, we also announced our next joint gas development with EOG, Coconut, which has also been sanctioned and will move forward into development. 

 

Look out for more information as we progress Coconut.

 

These projects are a testament to the confidence we have in EOG as a partner. They have a shared commitment to advancing Trinidad and Tobago’s energy sector in pursuit of a sustainable energy future for the country.

 

More importantly, these projects represent tangible additions to gas production in the short to medium term. 

 

I share the government’s optimism about Trinidad and Tobago’s energy future. Let me share a few reasons why:

 

  • We have resolved market access and commercial misalignments – through collaborating to achieve a restructured Atlantic LNG – this now paves the way for the next wave of investments in the upstream 
  • We have seen considerable progress in unlocking cross border resources that have been stranded for some time – again these have been unlocked through a spirit of collaboration and partnership between operators and host governments
  • We are working towards unlocking resources in the deepwater both with our partner Woodside in the Calypso development and with Shell on the recently awarded deepwater blocks
  • And we are partnering to bring renewable energy into the T&T electricity grid with our partners on the solar project Shell and the NGC.

 

Collaboration on projects such as these calls for very complex agreements on everything from commercial terms to shared infrastructure, and it calls on the partners to demonstrate a strong desire for a positive outcome for all parties.

 

I would say that with each successive development, our partnership with EOG has evolved, making the collaboration process easier. To put it simply, we understand each other and that understanding has increased the efficiency of the joint venture.

 

As I’ve said in other fora, collaboration is key to our success as an industry We can achieve more together and more importantly, as my examples demonstrate, this approach is working. 

 

I must also acknowledge the crucial role that TOFCO has played – and continues to play – in the development of the local energy sector. bpTT’s history with TOFCO includes six platforms as well as a jacket and landing frame – all built right here in this yard. Those platforms have been vital as we progress our strategy and I am glad that we’re continuing our relationship with TOFCO through our joint venture with EOG. Congratulations to Javed and the entire TOFCO team as they continue to demonstrate that they are a worldclass partner to the industry here.

 

In closing, I would like to again extend my congratulations to the teams at EOG and TOFCO and, on the progress of Mento. Your hard work and dedication have been instrumental in reaching this milestone. I look forward to the future as we continue to work together to achieve even greater success.

 

It has been an honour to share this moment with you all. Let us continue to work together to unlock Trinidad and Tobago’s energy future.

 

Thank you.