Woodside seeks improved terms in Trinidad’s Calypso project

Woodside Energy is seeking improved fiscal terms for developing Trinidad and Tobago’s Calypso deepwater gas project, Reuters reported on Friday.

The report cited CEO Meg O’Neill as saying the production-sharing contract for the field was designed for a more lucrative oil discovery rather than natural gas.

Located 220 kilometres off the coast of Trinidad in 2,100 metres of water, the Calypso field is estimated to hold 90.6 bcm (3.2 tcf) of natural gas. It is licensed to Woodside, with a 70% participating interest, and partner BP, which holds 30%.

The partners are under pressure from the Trinidadian government to expand gas production to address the country’s gas shortages, which for years have hampered its LNG and petrochemicals production.

Speaking at last week’s CERAWeek conference, O’Neill  told Reuters that the company has finalised the concept select study, and although BP is pushing to advance the project, it will proceed with development when the “commercial matters are sorted.”

In January, BP said an FID on the project was anticipated by end-2025.

Read our latest interview with Juan Vázquez, Woodside Energy’s Trinidad and Tobago president and country manager, on the potential of the Calypso field.