Exploration and Production

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

Reuters
23/01/2024 18:50
Visualizações: 4670

 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
Company News
Prime Energy expands operations in Minas Gerais
06/05/25
OTC Houston 2025
Brazil Brings the Largest Foreign Delegation to Oil and ...
05/05/25
OTC Houston 2025
IBP Featured in OTC Houston 2025 Lineup
05/05/25
OTC Houston 2025
To showcase Rio de Janeiro’s energy potential, Firjan ar...
05/05/25
OTC Houston 2025
Petrobras participates in OTC 2025, in Houston (USA
05/05/25
OTC Houston 2025
MODEC Group Professionals to Be Honored at OTC 2025
05/05/25
International Company News
TVO Adds to Global Business Development Team
01/05/25
Ethanol
Sugarcane production estimated at 663.4 million tons for...
30/04/25
OTC Houston 2025
Brazilian industry to attend OTC 2025 aiming to expand i...
30/04/25
Carbon Capture
Impact Hub and Tencent launch program offering up to 1 m...
30/04/25
International
Petrobras presents investment opportunities in the naval...
30/04/25
Results
Petrobras production grows 5.4% and reaches 2.8 million ...
30/04/25
Carbon Reduction
Report: Baker Hughes Achieves Nearly 40% Reduction in Op...
29/04/25
Natural Gas
Comgás launches public call for natural gas acquisition
29/04/25
Royalties
Values related to February production under concession a...
29/04/25
Biogas
TBG develops Biogas Hub project to boost biofuel integra...
29/04/25
OTC Houston 2025
OTC 2025 Announces Emerging Leaders Class
25/04/25
OTC Houston 2025
Renown Deep-Sea Diver Chris Lemons to Speak at OTC 2025
15/04/25
SPE
Sustainability in the Oil and Gas Industry
15/04/25
Energy Efficiency
Foresea Develops Technologies to Reduce Emissions and In...
14/04/25
Permanent Offer
ANP Announces Sectors to Be Offered in the 5th Cycle of ...
14/04/25
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.