Trinidad’s Gas Output Could Rebound With New Licenses

Trinidad and Tobago's natural gas production could rebound and hit almost 4bcfd by 2030 if more key offshore projects will receive approval, while the US granted a license for a field in the country’s bordering waters with Venezuela, consultancy Rystad Energy and Reuters said.

• Trinidad is Latin America's largest exporter of LNG with the capacity to process 4.2bcfd into LNG, petrochemicals and power. But its gas production is about 2.9bcfd.
• Deepwater gas projects Calypso, operated by Woodside Energy and Manatee by Shell could reinvigorate the country's output. Both projects are awaiting final investment decisions.
• 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.
• Woodside recently said its Calypso field has recoverable reserves of over 3.4tcf, while Manatee has 2.tcf of proven gas reserves on Trinidad's side.
• The US has granted a license to Trinidad and Tobago to develop the Dragon gas field located in Venezuelan territorial waters. Trinidad expects to gain access to 350mcfd from the Dragon field.
• PDVSA has found reserves of 4.2tcf in Dragon, on the Venezuelan side of its maritime border with Trinidad. The project was headed for production over a decade ago, but stalled over lack of capital and partners, as well as sanctions.
• The license follows a round of negotiations in November between Maduro’s government and the opposition. But Maduro has resisted sending his negotiating team back to the table since then.