BP plc’s (BP - Free Report) associate, BP Trinidad and Tobago (BpTT) received the nod for its Juniper offshore gas project. The project will comprise construction of a normally unmanned platform, along with related subsea infrastructure. This is the first of its kind for BpTT.
The fabrication work for the project is expected to commence in the fourth quarter of 2014. The Corallita and Lantana fields, located 50 miles off the south east coast of Trinidad in water depth of about 360 feet, will supply gas to the Juniper facility.
The development will consist of five subsea wells and a production capacity of around 590 million standard cubic feet a day. A new 10-kilometer flowline will carry the gas from Juniper to the Mahogany B hub.
Drilling of Juniper will likely begin in 2015 and the facility is expected to produce its first gas in 2017. Juniper represents 14th offshore production facility for BpTT.
Operating from acreage of about 904,000 off Trinidad’s east coast, BpTT has 13 offshore platforms and 2 onshore processing facilities. The Juniper project has been undertaking Front End Engineering and Design activities since 2012.
BP is one of the world's major energy companies, which provides customers with fuel for transportation, energy for heat and light, retail services and petrochemical products.
The company has a strong pipeline of projects. Five project start-ups – Na Kika 3, Kinnoull, CLOV, Sunrise 1 and Mars B – are expected in 2014. Altogether, BP has about 50 major assignments through the decade. Eleven of these involve more than $10 billion in total cost.
At present, BP carries a Zacks Rank #3 (Hold). However, other stocks in the oil and gas sector like Weatherford International plc , Sanchez Energy Corporation (SN) and Sunoco Logistics Partners L.P , all sporting a Zacks Rank #1 (Strong Buy), are expected to perform better.