British Petroleum (BP) is planning a big project for Trinidad and Tobago despite tough financial times and a cutback in its investment budget.
The exact nature of the T&T project has not been revealed.
But the news is positive for the local energy sector, especially since BP has been rocked a 45 percent decline in second-quarter earnings.
The company expects that the T&T project, along with ventures in India and the Gulf of Mexico would increase oil production.
BP has reduced its costs and investments in light of the continued low oil price.
The company is still paying bills associated with as massive oil spill in 2010.
CEO Bob Dudley said: “We are going to choose our projects very carefully…”
In spite of the poor financial returns, the company says it would pay investors a dividend.