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BP (NYSE:BP) anticipates that the Calypso deepwater natural gas field, situated offshore Trinidad and Tobago and co-owned with Woodside Energy (WDS), will receive approval for a final investment decision (FID) as early as the end of 2025, a company executive shared with Reuters on Tuesday.
Having a 30% stake in the Calypso discoveries, which hold approximately 3.5 trillion cubic feet of gas, BP had previously projected the FID to take place in 2026.
“They are working through the capital value process, gradually increasing engineering, selecting concepts, and moving towards a final investment decision, which I hope will come in the next year or two years,” said David Campbell, the head of BP’s Trinidad and Tobago operations, in an interview with Reuters.
Woodside (WDS), the operator of Calypso, is actively pushing the project forward. The project director, Stacy Patrick, expressed confidence in unlocking the potential of deepwater resources in Trinidad.
Looking forward, Campbell emphasized BP’s focus on the deepwater in Trinidad, highlighting the company’s significant discoveries of over 20 trillion cubic feet of gas and 1 billion barrels of oil in the Columbus basin off the southeastern coast of Trinidad, near Venezuela.
