Deepwater Gas Projects Could Reinvigorate Trinidad's Output, says Rystad Energy

©Denys Yelmanov/AdobeStock
©Denys Yelmanov/AdobeStock

Trinidad and Tobago's natural gas production could rebound and hit almost 4 billion cubic feet per day (bcfd) by 2030 if key offshore projects move ahead soon, consultancy Rystad Energy said on Tuesday.

Trinidad is Latin America's largest exporter of liquefied natural gas (LNG), with the capacity to process 4.2 bcfd into LNG, petrochemicals and power. But its gas production is about 2.9 bcfd. 

Deepwater gas projects Calypso, operated by Woodside Energy, and Manatee by Shell, could reinvigorate the Caribbean country's output, according to consultants Rystad Energy. Both projects are awaiting final investment decisions.

Energy companies have discovered abundant deepwater resources, but have been unable to replicate that success on the continental shelf, said Rystad Senior Vice President Schreiner Parker at Trinidad's Energy Conference 2023.

Gas reserves at the Manatee field were first discovered in 2005, but the lack of an agreement for joint development with Venezuela, where the majority of the shared reservoir is located, has delayed the project. Parker said production there is unlikely to be available before 2028.

He urged Trinidad's government to ensure that Woodside's Calypso will be green lighted. Improved fiscal terms, better domestic pricing policies, increased foreign participation and streamlining approvals might help, he said.    

Woodside recently said its Calypso field has recoverable reserves of over 3.4 trillion cubic feet (TCF), while Manatee has 2.7 TCF of proven gas reserves on Trinidad's side.

Conflicts in Europe that are reshaping consumption and tight energy supplies suggest there will be a significant gap between global LNG demand and production, so new sources will be needed, which could provide opportunities for Trinidad's LNG, he added.

(Reuters - Reporting by Curtis Williams; Editing by Josie Kao)

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