Home' Trinidad and Tobago Guardian : February 8th 2018 Contents energy BG9
Thursday, February 8, 2018
BP results show improved performance
BP PLC’s chief executive officer Robert
Dudley, told a news conference that in
2018 one of the major decisions the com-
pany will make is whether it will sanction
the Cassia C gas project in T&T.
BP is the parent company of bpTT.
Dudley identified Cassia C as one of its
major capital projects that was likely to
be sanctioned this year as the company
announced better than expected profits
and said it was well on its way to achiev-
ing its five long term goals.
The Cassia C project is expected to in-
volve the construction of a new offshore
gas compression platform, new connect-
ing bridge and modifications to the exist-
ing Cassia hub.
The platform will compress gas pro-
duced from the existing Cassia platforms.
This is a major project meant to ensure
that bpTT can maintain its production
of over two billion standard cubic feet of
gas per day and is part of the company’s
announced series of projects intended to
keep gas flowing in T&T.
If sanctioned, it could result in part of
the platform being constructed in La Brea
since it is too large for Tofco to handle on
It will however depend on whether
Tofco can meet the required efficien-
cies and a large part of the equation is
whether the people of La Brea will be
convinced not to interrupt the project.
At the recently concluded Energy Con-
ference, Minister of Energy and Energy
Industries Franklin Khan promised to
hold a town meeting with the residents of
More T&T projects on the cards for 2018 La Brea as he tries to convince them of the impor-
tance of the Cassia C platform being built in T&T.
On Tuesday BP announced its 2017 results
which showed increased underlying profits that
were up 139 per cent when compared with 2016,
downstream profits were up by 24 per cent with
a 95 per cent reliability ration and its production
grew by as much as 12 per cent.
There was also a 143 per cent replacement ratio
which means that for each barrel of oil or each
molecule of gas produced BP found 1.4 times the
oil and gas to ensure that it can continue produc-
ing well into the future.
In delivering the results Dudley said, “2017
was one of the strongest years in BP’s recent his-
tory. We delivered operationally and financially,
with very strong earnings in the downstream,
Upstream production up 12 per cent, and our
finances rebalanced. We did all this while main-
taining safe and reliable operations.”
He added, “We enter the second year of our
five-year plan with real momentum, increasingly
confident that we can continue to deliver growth
across our business, improving cash flows and
returns for shareholders out to 2021 and beyond.
A big part of the growth came from BP’s ability
to implement seven major projects in 2017 one of
which was the Juniper project in T&T.
Juniper produces more than 600 mmscf/d of
gas and has been instrumental in the increased
gas production that has brought some ease to the
gas shortage facing he downstream sector.
Dudley said the performance that beat market
expectation was based on achieving high-value
projects, cost containment, best technology and
laser-like focus on getting the job done.
He pointed to T&T as an example and revealed
that during the start up of the Juniper project it
almost had to be shut down for two weeks as a
problem was picked up. However, he said using
its propriety technology Apex, it was able to solve
the issue in a mere 15 minutes.
Dudley said the following factors contributed sig-
nificantly to BP’s 2017 success:
• Underlying replacement cost profit was
US$6.2 billion for full year 2017 and US$2.1 billion
for the fourth quarter, compared with US$2.6 bil-
lion and US$400 million for full year and fourth
quarter 2016 respectively.
• Operating cash flow for 2017, excluding Gulf
of Mexico oil spill payments was US$24.1 billion,
compared with US$17.6 billion in 2016. Gulf of
Mexico oil spill payments in 2017 were US$5.2 bil-
lion, compared with $6.9 billion in 2016.
• Downstream earnings were very strong with
underlying replacement cost profit of US$7.0 bil-
lion, 24 per cent higher than 2016.
• Operational reliability was high, with refining
availability and upstream BP-operated plant reli-
ability both 95 per cent.
• Seven new major projects delivered, boosting
oil and gas production. Upstream production, ex-
cluding BP’s share of Rosneft production, was 12
per cent higher than 2016, the highest since 2010.
Including Rosneft, production was 3.6 million
barrels of oil equivalent a day, 10 per cent higher
than 2016. Oil and gas realisations were 25 per
• Exploration delivered the most successful
year for BP since 2004, with around one billion
boe resources discovered.
• Dividend unchanged at 10 cents per share.
• BP began share buybacks in the fourth quar-
ter, spending US$343 million, fully offsetting the
dilution from scrip dividends issued in the third
• Non-operating items in the fourth quarter,
which are excluded from underlying profit, in-
cluded a US$0.9 billion charge for US tax changes
and a US$1.7 billion post-tax charge relating to a
further provision for claims associated with the
oil spill in the Gulf of Mexico.
T&T is responsible for 17 per cent of BP’s global
FINANCIAL INTELLIGENCE UNIT
MINISTRY OF FINANCE
FATF’s LIST OF High-risk and non-co-operative jurisdictions
NON CO-OPERATIVE COUNTRIES AND TERRITORIES (NCCTs)
NOTICE IS GIVEN that pursuant to Section 17(1)(a) of the Financial Intelligence Unit Act of Trinidad and Tobago Chap.
72:01, the Financial Intelligence Unit of Trinidad and Tobago is required to publish a list of countries identified by the Finan-
cial Action Task Force (FATF) as Non-Compliant or not Sufficiently Compliant with its recommendations.
AND NOTICE IS GIVEN that, the FATF’s public statement dated November 3, 2017 identified the jurisdictions listed below
as having strategic AML/CFT deficiencies.
FATF PUBLIC STATEMENT ISSUED November 3, 2017
A. Jurisdiction subject to a FATF call on its members and other jurisdictions to apply counter-mea-
sures to protect the international financial system from the on-going and substantial money laun-
dering and terrorist financing (ML/FT) risks emanating from the DPKR.
DEMOCRATIC PEOPLE’S REPUBLIC OF KOREA (DPRK)
The FATF calls on its members and urges all jurisdictions to advise their financial institutions to give special attention
to business relationships and transactions with the DPRK, including DPRK companies, financial institutions, and those
acting on their behalf. In addition to enhanced scrutiny, the FATF further calls on its members and urges all jurisdictions
to apply effective counter-measures, and targeted financial sanctions in accordance with applicable United Nations
Security Council Resolutions, to protect their financial sectors from money laundering, financing of terrorism and WMD
proliferation financing (ML/FT/PF) risks emanating from the DPRK.
Jurisdictions should also take necessary actions to protect against correspondent relationships being used to
bypass or evade counter-measures and risk mitigation practices, and review the existence of subsidiaries and
branches of, and relationships with, DPRK financial institutions in their jurisdiction.
B. Jurisdiction subject to a FATF call on its members and other jurisdictions to apply enhanced due
diligence measures proportionate to the risks arising from the jurisdiction.
The FATF remains concerned with the terrorist financing risk emanating from Iran and the threat this poses to the in-
ternational financial system. The FATF, therefore, calls on its members and urges all jurisdictions to continue to advise
their financial institutions to apply enhanced due diligence to business relationships and transactions with natural and
legal persons from Iran, consistent with FATF Recommendation 19.
Further information on the latest FATF Public Statement may be sourced at www.fatf-gafi.org
Dated this 13th November, 2017
Financial Intelligence Unit
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