Minister receives update on Calypso deepwater project from Woodside Energy – Negotiations on fiscal terms for Calypso have been progressing

The Ministry of Energy and Energy Industries via a release said that the Minister Stuart Young, along with other senior officials met with Shiva McMahon, EVP International Operations, Woodside Energy; Mrs. Kellyanne Lochan, Country Manager Woodside Trinidad and Tobago; Ms. Stacy Patrick, Calypso Project Director; Mr. Onne Peters, Vice President Atlantic Sales; and Dr. Carla Noel-Mendez, Corporate Affairs Manager, Woodside.

Shiva McMahon, EVP International Operations, Woodside Energy provided Minister Young with an update on the progress of the deep-water Calypso project as well as the company’s current production and upcoming maintenance activities.

According to the Ministry, both parties discussed that the negotiations of fiscal terms for Calypso have been progressing very well and are near completion. Minister Young stated that the Government of the Republic of Trinidad and Tobago remains open to working with energy sector stakeholders toward the monetization of our natural gas resources, for the benefit of the citizens of Trinidad and Tobago.

The Woodside Energy executives reaffirmed the company’s commitment to the development of Trinidad and Tobago’s hydrocarbon resources.

According to Woodside Energy, Calypso is located approximately 220 km off the coast of Trinidad in 2,100m water dept. The resource comprises several gas discoveries in Block 23(a) and Block TTDAA 14. The development is located in a region with existing infrastructure and a favourable demand outlook. 

In the first half of 2023, Woodside completed conceptual studies and selected an infield host as the preferred development concept. Pre-FEED engineering commenced in the second half of 2023 to mature the definition of the concept. Marketing and commercial discussions continue with key stakeholders to evaluate options to monetise the resource. Woodside is operator and holds a 70% participating interest.

The Calypso appraisal drilling program (consisting of the Bongos-3, Bongos-3X and Bongos-4 wells) concluded on 20 December 2021. All wells encountered hydrocarbons.