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    WDS   AU0000224040

WOODSIDE ENERGY GROUP LTD

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Delayed Australian Stock Exchange  -  02:10 2022-08-12 am EDT
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Trinidad boosts LNG exports to Europe, rushes more gas output

06/28/2022 | 03:11pm EDT

PARAMARIBO, June 28 (Reuters) - Trinidad and Tobago's sales of liquefied natural gas (LNG) to Europe have doubled so far this year to 40% of the total, Energy Minister Stuart Young said on Tuesday, as demand continues growing amid a reduction of Russian gas supplies.

Trinidad's LNG exports declined to 7.9 million tonnes last year after the country, the largest producer of the fuel in Latin America, had to shut one of its flagship project's liquefaction trains due to lack of natural gas output.

The government is pushing for gas producers, including Shell Plc, BP and Woodside Energy, to bring new offshore production online later this year. But a decision has not yet been made on whether to restart the inactive LNG train, the minister said on the sidelines of an oil conference in Suriname.

"(LNG) exports are expected to increase this year. There are important conversations taking place on how to assist the rest of the world, including Europe, by increasing LNG output. We just need the gas," Young told Reuters.

Trinidad's gas output has dwindled in the last decade, according to the BP Statistical Review of World Energy, amid obstacles to developing its expensive offshore reserves. The country is planning offshore, shallow-water and onshore licensing rounds through 2023 to reverse the decline.

NEW PRODUCTION

In parallel, Woodside's Ruby project is expected to deliver 80 million cubic feet per day (mmcfd) of gas, another 600 mmcfd would come from BP's Matapal and Cassia compression projects and Shell's Barracuda and Colibri areas would produce a combined 450 mmcfd.

By 2026, Shell also could bring production online from the Manatee field, Young said. The oil deposit there which extends into Venezuelan waters, had been planned for joint development by both governments since 2013, but Trinidad's decided last year to produce gas independent of companies operating on the Venezuelan side of the reservoir amid U.S. sanctions on the South American country.

As gas producers rush to contribute more output, the future of the 15 million tonnes per annum Atlantic LNG project - led by BP, Shell, Repsol, Suez LNG and state-controlled NGC Trinidad - depends on a move to restructure ownership of its three active trains, which has not been completed. In 2014, Trinidad exported over 14 million tonnes of LNG, according to Refinitiv Eikon data. (Reporting by Ank Kuipers, writing by Marianna Parraga; Editing by Aurora Ellis)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
BP PLC 0.70% 430.55 Delayed Quote.30.27%
WOODSIDE ENERGY GROUP LTD 3.74% 32.77 Delayed Quote.49.43%
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Financials (USD)
Sales 2022 14 909 M - -
Net income 2022 4 750 M - -
Net Debt 2022 4 617 M - -
P/E ratio 2022 7,17x
Yield 2022 10,0%
Capitalization 44 195 M 44 195 M -
EV / Sales 2022 3,27x
EV / Sales 2023 3,20x
Nbr of Employees 3 684
Free-Float 99,2%
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Meg O’Neill Chief Executive Officer, MD & Director
Graham Tiver Chief Financial Officer & Executive Vice President
Richard J. B. Goyder Chairman
Daniel Kalms Executive Vice President-Technical Services
Fiona Hick Executive Vice President-Operations
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