En­er­gy Min­is­ter Stu­art Young met with Wood­side En­er­gy ex­ec­u­tives with an up­date on the progress of the deep-wa­ter Ca­lyp­so project as well as the com­pa­ny’s cur­rent pro­duc­tion and up­com­ing main­te­nance ac­tiv­i­ties. 

In a news re­lease from the en­er­gy min­istry yes­ter­day it said that both par­ties dis­cussed that the ne­go­ti­a­tions of fis­cal terms for Ca­lyp­so have been pro­gress­ing very well and are near com­ple­tion.  

Min­is­ter Young stat­ed that the Gov­ern­ment re­mains open to work­ing with en­er­gy sec­tor stake­hold­ers to­ward the mon­e­ti­za­tion of the coun­try’s nat­ur­al gas re­sources, for the ben­e­fit of the cit­i­zens.  

The Wood­side En­er­gy ex­ec­u­tives reaf­firmed the com­pa­ny’s com­mit­ment to the de­vel­op­ment of T&T’s hy­dro­car­bon re­sources. 

The meet­ing was held yes­ter­day at the min­istry’s In­ter­na­tion­al Wa­ter­front Com­plex, Head Of­fice, Port-of-Spain.  

Reuters re­port­ed in March that Wood­side En­er­gy was seek­ing to im­prove fis­cal terms for de­vel­op­ing the Ca­lyp­so deep­wa­ter gas project. 

The re­port cit­ed CEO Meg O’Neill as say­ing the pro­duc­tion-shar­ing con­tract for the field was de­signed for a more lu­cra­tive oil dis­cov­ery rather than nat­ur­al gas. 

Lo­cat­ed 220 kilo­me­tres off the coast of Trinidad in 2,100 me­tres of wa­ter, the Ca­lyp­so field is es­ti­mat­ed to hold 90.6 bcm (3.2 tcf) of nat­ur­al gas. It is li­censed to Wood­side, with a 70 per cent par­tic­i­pat­ing in­ter­est, and part­ner BP, which holds 30 per cent.