BP said on Thursday that its Cypre development offshore Trinidad and Tobago delivered first gas, as yet another project started up since the supermajor reset its strategy to shift focus back to oil and gas.
Cypre is one of BP’s 10 major projects expected to start up worldwide between 2025 and 2027, announced as part the reset strategy to grow upstream production.
The Cypre development is the second major project to start up in two months, during which the UK-based supermajor sought to convince shareholders its investment case is now stronger with the pivot back to oil and gas.
Just after teasing in February that a major strategy reset is coming, BP announced the start of production from the second development phase of the Raven field offshore Egypt. The project involves the subsea tieback of additional Raven infill wells to its existing onshore infrastructure as part of the West Nile Delta (WND) project.
In the strategy reset at the end of February, BP said it is increasing its investment in upstream oil and gas to $10 billion per year while slashing spending on clean energy by more than $5 billion a year.
In the upstream, BP will aim for 10 new major projects to start up by the end of 2027, and a further 8–10 projects by the end of 2030. Production is also expected to grow to 2.3–2.5 million barrels of oil equivalent per day (boed) in 2030, with capacity to increase to 2035.
Two of the 10 new major projects have now started production this year.
Last week, BP approved the development of the Ginger natural gas project offshore Trinidad and Tobago, which will be one of the ten major new projects that the UK supermajor promised to start up by 2027. Ginger will become BP Trinidad and Tobago’s fourth subsea project and will include four subsea wells and subsea trees tied back to its existing Mahogany B platform. First gas from Ginger is expected in 2027.
By Tsvetana Paraskova for Oilprice.com
