Tobago

ConocoPhillipshas completed an estimated $600 million sale of subsidiaryTrinidad and Tobago Holdings LLCtoNational Gas Company of Trinidad and Tobago Ltd.The subsidiary holds a 39% stake in Phoenix Park Gas Processors Ltd., which operates a natural gas midstream facility at Point Lisas, Trinidad. The Houston operator expects to recognize an after-tax gain of about $290 million. Including the latest transaction, ConocoPhillips said it has received around $14.1 billion by selling nonstrategic assets as part of its 2012-13 disposition program, which originally was to pare about $8.5 billion (seeDaily GPI,May 17). Between January and June, ConocoPhillips received $3.8 billion in proceeds from completed sales, with the remainder expected by the end of the year.

Trinidad and Tobago, the largest exporter of liquefied natural gas (LNG) to the United States, is in negotiations with Freeport-McMoRan Energy on a possible ownership stake in Freeport’s Main Pass Energy Hub LNG regasification project offshore Louisiana, Trinidad Energy Minister Eric Williams announced last week.

Trinidad and Tobago, the largest exporter of liquefied natural gas (LNG) to the United States, is in negotiations with Freeport-McMoRan Energy on a possible ownership stake in Freeport’s Main Pass Energy Hub LNG regasification project offshore Louisiana, Trinidad Energy Minister Eric Williams announced on Tuesday, according to a report from Reuters.

BP yesterday said it has found the largest gas field to dateoffshore Trinidad and Tobago, which has become a major source ofliquefied natural gas for the U.S. market. BP’s initial well on theRed Mango field, located 35 miles east of Galeota Point, indicated3 Tcf of gas reserves and about 90 million bbl of condensate. It’sBP’s second major gas find in the area this year. The company saidit would shortly begin appraisal work to define the exact size ofthe find.