BP To Look For Oil, Gas In Trinidad

A wholly owned subsidiary of BP PLC has signed an agreement to explore for oil and gas in the waters of Trinidad and Tobago.

PORT-OF-SPAIN, Trinidad (AP) -- A wholly owned subsidiary of BP PLC has signed an agreement to explore for oil and gas in the waters of Trinidad and Tobago.

The company says it's the first major agreement signed for deep-sea drilling in the Caribbean country in more than 10 years.

The exploration will occur over an area of some 1,390 square miles (3,600 square kilometers) off Trinidad's northeast coast and at an average depth of 6,560 feet (2,000 meters).

BP Trinidad and Tobago accounts for about half of the country's natural gas production and 12 percent of the company's worldwide production.

Trinidad has been offering blocks to international corporations for oil and gas exploration to help boost production. The island's economy is heavily dependent on its energy industry.

The agreement was announced late Monday.

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