Jul 25, 2011
BP (NYSE:BP) announced that it has been awarded two deepwater gas exploration blocks by the government of the Republic of Trinidad and Tobago.
BP said it has been given a 100% interest in the two areas, both located off the east coast of Trinidad, under production sharing contracts.
Chief Executive, Bob Dudley, said, "These awards mean BP has gained access to 31 new upstream blocks across the world since July last year, a significant step up in new access," in an announcement on Monday.
BP has a potential upside of 20.5% based on a current price of $46.55 and an average consensus analyst price target of $56.1.
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