BP To Invest $1.9 Billion In Trinidad By 2008

BP will invest $1.9 billion in its Trinidad and Tobago operations by 2008, mainly in exploration and well development in its oil and natural gas fields, said Robert Riley, the president of BP's operations in Trinidad.

"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.