Australian-based Woodside Energy Group has handed back a deepwater block to the government of Trinidad and Tobago, following an appraisal that deemed its development financially unsound, according to a company representative on Wednesday. Reuters broke the story of the relinquishment, which it said comes as Trinidad works to expedite the exploration and development of offshore areas.
The block in question is TTDAA 5, which Woodside Energy operates (65%) in a joint venture with Shell (35%). The Australian company ventured into this region in 2013, and in 2018, found gas at the Victoria-1 well.
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“Based on wells drilled and technical studies conducted, TTDAA Block 5 demonstrated significant challenges to development, especially when considered against the high cost of a deepwater project,” a Woodside spokesperson said in an email seen by Reuters.
However, Woodside plans to continue its research on other deepwater regions in Trinidad and Tobago, including blocks 23A and TTDAA 14, which were the sites of its significant Calypso discoveries.
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“Woodside is currently assessing development and commercialisation options” for Calypso, the company spokesperson added. That discovery has estimated resources of 3.2 trillion cubic feet of gas.
Woodside also said it will continue operations at the Angostura and Ruby fields in Trinidad’s shallow waters.
