Caribbean Gas Projects Gain Momentum Amid Regional Development Push
Gas exploration and development projects are gaining momentum across the Caribbean region.
The region is seeking to strengthen energy security and future supply by advancing cross-border developments, including those between Trinidad and Tobago and Venezuela.
A major setback for Trinidad and Tobago came when Shell paused its Aphrodite gas project due to commercial terms disagreements with the National Gas Company. The delay affects the country's goal of reversing declining gas production that has constrained LNG exports and petrochemical operations.
However, other projects in the region are moving forward, including bp's acquisition of Woodside's 70% stake in the Calypso gas project. This deal strengthens bp's position in Trinidad and Tobago as it seeks to offset declining gas production.
The Venezuelan government has awarded a bp-led partnership an exploration and production license for Phase 2 of the offshore Loran gas field, which is estimated to contain about 4 Tcf of recoverable gas.