Exploration and Production

BP sees Trinidad deepwater gas project getting greenlight as soon as 2025

Reuters
23/01/2024 18:50
Visualizações: 17374

 BP (BP.L), opens new tab expects the Calypso deepwater natural gas field off Trinidad and Tobago, which it shares with Woodside Energy (WDS.AX), opens new tab, to get the greenlight when a final investment decision (FID) is made as early as the end of next year, a company executive said.

BP, which holds a 30% stake in the Calypso discoveries that holds an estimated of 3.5 trillion cubic feet (tcf) of gas, had previously forecast the FID could be made in 2026.

"I see Calypso coming on," David Campbell, head of BP Trinidad and Tobago, said in an interview on the sidelines of an energy conference in the Port of Spain on Monday.

"They are working through capital value process, so increasing engineering, gradually selecting concepts (and) moving towards a final investment decision, which I hope will come in the next year or two years," Campbell said.

Australia's Woodside, which operates Calypso, continues progressing with the project and believes it can unlock the deepwater in Trinidad, project Director Stacy Patrick said on Tuesday during the conference.

Trinidad's government has been pressing operators, especially offshore drillers, to bring gas discoveries to market as it struggles with shortages due to dwindling production.

Energy minister Stuart Young told the energy conference that Calypso is planned to produce 700 million cubic feet per day of gas.

BP and Shell (SHEL.L), opens new tab were awarded three deepwater blocks last year, including an area once explored by Exxon Mobil (XOM.N), opens new tab where it failed to find hydrocarbons.

Campbell said he believed BP and Shell can succeed where Exxon failed.

"There are many examples of fields around the world, including some of ours, where others have come in afterwards and found things we have not seen because they are using better technology and that is the reason," Campbell said.

BP's future in Trinidad is in the deepwater, Campbell said. The company has discovered more than 20 tcf of gas and a billion barrels of oil in the Columbus basin, off the south eastern coast of Trinidad near Venezuela, where it is still developing gas projects.

Trinidad hopes to catch new investment through a bidding round for deepwater blocks planned for this year, minister Young said at the conference.

Most Read Today
See Also
SOG 2026
ABPIP Strengthens Territorial Development Agenda in Serg...
04/08/26
SOG 2026
SOG26 Surpasses the Previous Edition and Reinforces Serg...
03/08/26
People
Shell Brasil Begins a New Leadership Cycle with João San...
03/08/26
Results
ANP Releases Consolidated Data on Oil and Gas Production...
03/08/26
SOG 2026
Banco do Nordeste Has R$ 504 Million for the Energy Sect...
03/08/26
PPSA
TotalEnergies and ExxonMobil Win Atapu and Bacalhau Cargoes
31/07/26
SOG 2026
Sebrae Sergipe Strengthens Small Businesses and Expands ...
31/07/26
PPSA
PPSA Expects to Hold the First Auction of the Union’s Na...
30/07/26
SOG 2026
Sergipe Oil & Gas 2026 Begins with a Focus on Investment...
30/07/26
SOG 2026
Petrobras Director Opens Sergipe Oil & Gas with Analysis...
30/07/26
FIRJAN
Agrega + Indústria brings together entities, companies, ...
29/07/26
SOG 2026
ABPIP brings to Sergipe Oil & Gas a debate on strengthen...
28/07/26
Event
BR Aviation presents its portfolio of customized solutio...
23/07/26
Royalties
Royalties: amounts referring to May production distribut...
23/07/26
Fuels
Fuel and lubricants sector registers 1.8% drop in June, ...
22/07/26
IBP
Studies point to redundancy of the export tax and extra ...
22/07/26
PPSA
7th Spot Auction: PPSA markets cargoes from Atapu and Ba...
20/07/26
Results
Union oil production reaches 244 thousand barrels per da...
17/07/26
State of Ceará
Natural gas arrives in Cariri (CE) and strengthens econo...
16/07/26
Terminals
Vast announces contract extension with PETRONAS Brasil u...
15/07/26
International
War, oil and the dollar: how global fluctuations impact ...
13/07/26
VEJA MAIS
Newsletter TN

Contact us

We use cookies to ensure you have the best experience on our website. If you continue to use this site, we will assume that you agree with our Privacy Policy, terms of use and cookies.