Exploration and Production

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

Reuters
23/01/2024 18:50
Visualizações: 5096

 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
People
Julia Cruz Appointed as New Secretary of Green Economy, ...
03/07/25
Sustainability
ABB among TIME’s World’s Most Sustainable Companies
03/07/25
Biofuels
Brazil Can Lead the Decarbonization of International Tra...
03/07/25
Pre-Salt
Oil States signs contracts to supply rigid jumpers for S...
03/07/25
Electric Energy
SMEs: Seven Tips for Joining the Free Energy Market
03/07/25
Energy Transition
CCEE Highlights Leadership in Energy Transition at EVEX ...
03/07/25
Award
WPC Energy Announces Vicki Hollub as Recipient of the Pr...
01/07/25
ANP
Final Results of the PRH-ANP 2025 Announced
01/07/25
Wind Energy
New Provisional Measure Will Not Be Enough to Counter Ha...
30/06/25
International
Oil discovery in the Johan Castberg area in the Barents Sea
30/06/25
Fuels
Gasoline Drops Just 0.78% in June Despite Petrobras' 5.6...
30/06/25
Event
Brazil Advances Energy Transition with E30 and B15, Rein...
30/06/25
People
Patricia Pradal Appointed as New President of Chevron So...
30/06/25
Results
ANP Releases Consolidated Data for the Regulated Sector ...
30/06/25
Ethanol
Ethanol Prices Rise in the Last Week of June
30/06/25
People
Fulkrum appoints Louisa Poole as Chief Financial Officer
26/06/25
International Company News
Johan Castberg producing at full capacity
25/06/25
Decarbonization
EPE to Launch Analysis on Decarbonization of Brazilian E...
13/06/25
FIRJAN
At the Launch of the Rio Oil Yearbook, Business Leaders ...
13/06/25
Permanent Offer
ANP to Hold 5th Cycle of the Permanent Concession Offer ...
13/06/25
Award
Unique Group Celebrates Prestigious Wins at 2025 cHeRrie...
13/06/25
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.