Latest News

Woodside seeks much better terms to develop Trinidad's Calypso gas project

Australian oil and gas manufacturer Woodside Energy wish to see improved financial terms from the Trinidad and Tobago government before dedicating to establish a deepwater natural gas project there, CEO Meg O'Neill informed this week.

The Caribbean country experiences a shortage of gas for its melted gas (LNG) and petrochemical businesses, and has been urging Woodside, BP and Shell to broaden their activity.

O'Neill stated the Calypso production sharing contract was initially developed for a more lucrative oil discovery, not gas.

The fiscal terms are most likely well matched for oil, but they have to be a bit different for gas, O'Neill said on the sidelines of CERAWeek energy conference.

Trinidad and Woodside's non-operating partner BP have been pressing to start production of Calypso's estimated 3.5 trillion cubic feet (tcf) of recoverable reserves.

I definitely value when a non-operated partner wishes to encourage us to move forward, but as I said we have to ensure we get the business matters sorted, O'Neill said.

Woodside is speaking to Trinidad's National Gas Company and the partners of Trinidad's flagship LNG project, Atlantic LNG, to sell the gas into the domestic and export markets, she said.

It is important for us to advance the business and regulative operate in parallel with the technical work so we don't. spend a great deal of cash before we have industrial line of sight,. she said.

Woodside has finished the concept choose study and knows. how it wants to develop the field, O'Neill included.

(source: Reuters)