Trump/Putin summit, UnitedHealth and Japan’s GDP - what’s moving markets
Investing.com -- Woodside (OTC:WOPEY) Energy and the government of Trinidad and Tobago have reached a preliminary agreement on commercial terms for developing the Calypso deepwater gas discoveries, according to Reuters. This agreement moves the project closer to a final investment decision. The details were confirmed by a Woodside executive and three individuals who are aware of the discussions.
Trinidad and Tobago, the largest exporter of liquefied natural gas (LNG) in Latin America, is encouraging offshore producers to increase natural gas production. The country aims to fully utilize its gas processing capacity, which has been underused in recent years due to gas shortages.
The recent agreement, signed in the past few weeks, will result in the combination of two adjacent deepwater blocks where Woodside has confirmed the presence of 3.5 trillion cubic feet of natural gas reserves. This arrangement will only preserve the area where the discoveries were made, thereby reducing Woodside’s operational costs and tax liability.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.