BP will seek to succeed where Exxon-Mobil failed. Credit: AVM Images/Shutterstock.

BP expects the Calypso deepwater natural gas field off the coast of Trinidad and Tobago to receive a final investment decision (FID) by 2025, adding significantly to its presence in the region.

BP holds a 30% stake in the Calypso project, which holds an estimated 3.5 trillion cubic feet of gas, while Woodside Energy operates the project. According to Stacy Patrick, project director at Woodside Energy, the company believes it can unlock the deepwater in Trinidad.

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Speaking to Reuters on the sidelines of an energy conference in the Port of Spain on Monday, David Campbell, head of BP Trinidad and Tobago, said: “I see Calypso coming on. They are working through capital value process, so increasing engineering, gradually selecting concepts [and] moving towards a final investment decision, which I hope will come in the next year or two years.”

Originally, the FID was set to be announced in 2026.

Trinidad’s Government has been encouraging offshore drillers to bring gas discoveries to market as it struggles with shortages due to dwindling production.

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The country’s Energy Minister, Stuart Young, told the conference that Calypso is set to produce 700 million cubic feet of gas per day.

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In 2002, ExxonMobil tried and failed to find hydrocarbons in the area. Last year, BP and Shell were awarded three deepwater blocks in the same areas. Campbell believes they can succeed despite Exxon Mobil’s shortcomings.

He said: “There are many examples of fields around the world, including some of ours, where others have come in afterwards and found things we have not seen because they are using better technology and that is the reason.”

At the same energy conference, Trinidad said that it wants to export liquefied natural gas made with Venezuelan gas to Europe. Trinidad owns a stake in Venezuelan gas reserves through the state-run National Gas Company.