The company has agreed with state-backed Heritage Petroleum the extension of the Goudron Incremental Production Service Contract (IPSC) to December 31, from September 30, as an interim measure.
The extension is intended to give Heritage time to obtain requisite consents from the Ministry of Energy and Energy Industries for the implementation of a new 10-year Enhanced Production Sharing Contract (EPSC) agreement.
BPC noted that it has been assured that the signing of the EPSC will come in the near future.
“The EPSC is already in an agreed form and has been submitted to the Ministry by Heritage, but the process for securing the final ministerial approvals and consent to signature has been delayed as a result of disruptions occasioned by the Covid-19 pandemic and the conduct of a national election in Trinidad and Tobago,” BPC said in a statement.
At the same time, the company also told investors that the deadline on Predator Oil & Gas’s option to acquire the Inniss-Trinity asset has now lapsed.
The option was entered into by the Trinidad businesses previous management and allowed Predator to buy Inniss-Trinity, presently a 150 barrel per day operation, conditionally upon results of an enhanced oil recovery pilot.
BPC noted: “BPC retains a 100% interest in the Inniss-Trinity field and will continue to review the application of a range of enhanced oil recovery techniques, and seek to undertake further reservoir enhancement work based on technical merit and as commercially justified.”