"This is a long term plan, a lot of that is well exploration and development," said Riley, speaking at an oil and gas conference in Trinidad Tuesday.
He said 2004 investment will be around $600 million, similar to 2003 investment. BP produces 50% of Trinidad's crude and 70% of its natural gas. Riley said Trinidad is one of BP's six largest profit centers worldwide.
Riley said BP plans to drill eight to 12 natural gas wells a year in Trinidad, and that the company's oil and natural gas production should grow by 9% a year from now until 2010. He said the company will begin drilling five exploratory wells off the east coast of Trinidad in the middle of this year. Trinidad is a major natural gas exporter, supplying the U.S. with 77% of natural gas imports in 2003.
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