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Thursday, May 13, 2021

Size of BHP gas discovery in Trinidad will determine feasibility of developing resource – Wood Mack

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Industry Analyst Wood Mackenzie says the development and commercialization of the recent gas discovery by Australia-based BHP in Trinidad and Tobago will ultimately be determined by the size of the find.

On July 18 BHP announced that the Victoria-1 exploration well in Trinidad and Tobago encountered gas adding to the company’s 2016 LeClerc Miocene-aged natural gas find. In its Operational Review for the year ended June 30, 2018, the company said following the gas discovery at LeClerc, it commenced Phase 2 of its deepwater exploration drilling campaign to further assess the commercial potential of the Magellan play.

“The ultimate development and commercialization of the project really hinge on size; how big is Victoria, how big is LeClerc. Is it enough to have a full fledge stand-alone deepwater development in areas where there is no infrastructure nearby,” said Elena Nikolova, Wood Mack’s Latin America Upstream Analyst, speaking in a July 27 podcast.

Also important to note, Ms Nikolova said, is that companies are eager for an upcoming bid round in Trinidad to open and they are looking to acquire blocks in areas where there is nearby infrastructure.

The Victoria-1 exploration well was spud on June 12 and encountered gas. BHP said following completion of the Victoria-1 well, it expects the Deepwater Invictus to drill the Bongos prospect in Northern Trinidad and Tobago.

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