BP Wins Trinidad Deep-Water Blocks

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BP, Europe's second-largest oil company, was awarded two exploration and production blocks off the coast of Trinidad and Tobago in the Caribbean, a region which accounts for 12% of the British oil giants current production. Last year, BP produced an average of 460,000 barrels of oil equivalent a day in the country, according to the Wall Street Journal.

BP (BP) CEO Bob Dudley said his company has gained access to 31 new exploration blocks around the world in the past year. BP has said it plans to start up more than 30 projects between now and the end of 2016, adding around a million barrels of oil a day to its production, which stood at 3.6 million barrels a day in the first quarter, the Journal reported.

In the past year, BP has gained access to new deep-projects in Azerbaijan, Brazil, Indonesia, Australia, the U.K. and China. The company is still trying to recover from the Gulf of Mexico oil spill, the largest oil spill in U.S. history, and has yet to receive permits for new work in the Gulf. BP is the largest leaseholder in the Gulf.

''We are pleased to see the confidence that governments across the world have placed in BP to carefully explore and develop resources,'' Dudley said in a statement. BP is scheduled to report its second-quarter results on Tuesday morning before the open of U.S. markets.