Woodside returns oil and gas block in Trinidad and Tobago
PORT OF SPAIN, July 13, 2023 – Woodside Energy Group is returning the deepwater TTDAA 5 exploration block in Trinidad and Tobago to the government, Reuters reported on Wednesday.
The Australian energy company cited the high cost of development as one of the reasons for giving up the block.
The company holds a 65% operating stake in the concession through a joint venture, with Shell holding the remaining 35%.
In 2018, Woodside Energy Group reported it encountered gas at the Victoria-1 well at the block.
The company continues to explore deepwater concessions in Trinidad and Tobago, with stakes in blocks 23A and TTDAA 14.
The nation is aiming to increase gas production to feed its high liquefaction capacity.
Trinidad and Tobago currently has the capacity to produce 119 mcm (4.2 bcf) of gas into LNG. However, the country currently produces only 76.5 mcm (2.7 bcf) of gas.