Shell, BP have big plans for TT

TWO major oil and gas companies, Shell TT and bpTT, have expressed big plans for TT over the past few weeks.

BpTT, in correspondence with Newsday shortly after bp Global released its plans to increase investment in production, said its business strategy is aligned with bp Global’s strategy reset.

“Over the past few months we have made significant strides in delivering our strategy which includes maximising production from the Columbus Basin off the east coast while at the same time continuing to invest in developing gas resources that enable growth,” said bpTT officials to Newsday in March.

Officials said bpTT is actively pursuing the development of new acreage such as fields in TT’s deep-water provinces with joint partners. They added that they are continuously investing in bringing more gas to market through TT.

“In the short term we will continue to work towards delivering our strategy by bringing our Cypre project online in 2025 as well as Mento with our joint venture partner EOG.

BpTT is already operating in TT’s deep-water acreage through partnerships with Woodside in the Calypso development and in joint venture projects with Shell in deep-water blocks 25a 25b and 27, awarded after the 2023 deep-water bid round.

“We welcome the Ministry of Energy and Energy Industries’ continued drive to offer more deep-water acreage for bid including the recently launched 2025 deep-water bid round opportunities,” officials said.

The Ministry of Energy in February officially launched the latest deep-water bid round during the Energy Chamber’s two-day conference at the Hyatt Regency.

The ministry opened 26 blocks for bid in deep-water regions off the northern and eastern coast.

Shell expressed plans to begin producing natural gas at Venezuela’s Dragon gas field ahead of schedule according to a Reuters report on March 20.

The report said partners in the project plan to begin survey work in the next month. But US sanctions on the Venezuelan oil and gas industry controlled by state company PDVSA.

TT secured a licence for exploration and production in the Dragon gas field in 2023.

But the Trump administration through a post on Truth Social announced a secondary tariff on Venezuela, saying it was in response to the country sending tens of thousands of criminals to the US.

Prime Minister and Minister of Energy and Energy Industries Stuart Young was expected met with US secretary of state on Wednesday in Jamaica.

Shell’s plans for TT also coincide with its global plans.

On March 25, Shell revealed plans to increase annual Liquefied Natural Gas (LNG) sales by four to five per cent over the next five years through an annual production growth of one per cent.

Shell estimated global demand for LNG would increase by 60 per cent by 2040.