Compiled by Offshore staff

Recent developments across the Caribbean highlight growing momentum in natural gas exploration, cross-border developments and LNG infrastructure. From Venezuela and Trinidad and Tobago's shared gas resources to new discoveries offshore Colombia and frontier activity in Jamaica and Honduras, operators are advancing projects aimed at strengthening regional energy security and future supply.

TRINIDAD AND TOBAGO: 

Shell shelves Aphrodite gas project 

Shell has paused development of its Aphrodite offshore gas project after failing to reach commercial terms with the National Gas Company (NGC) for the sale of about 100 MMcf/d of gas, according to an Aug. 24 Reuters report. The project, approved in 2025 and targeting first gas in 2027, was designed as a subsea tieback producing up to 107 MMcf/d. Shell has released the jackup rig earmarked for the development while negotiations continue.

The delay is a setback for Trinidad and Tobago, which is seeking to reverse years of declining gas production that have constrained LNG exports and petrochemical operations. Despite the Aphrodite pause, several projects continue to support the country’s supply outlook, including bpTT’s Ginger development, the BP/EOG Coconut project, and Shell’s Manatee field, all targeting production around 2027. Together with recent startups such as Cypre and Mento, these developments are viewed as critical to restoring gas volumes for Atlantic LNG and domestic industry.

bp to acquire Woodside's 70% stake in Calypso gas project

Woodside Energy has agreed to sell its 70% operated stake in offshore Block TTDAA 14, including the Calypso gas project, to bp, with the transaction expected to close by year-end 2026 pending approvals, Woodside reported Aug. 6. The deepwater Calypso development is estimated to contain about 3.5 Tcf of gas, making it one of Trinidad and Tobago’s largest undeveloped offshore gas resources and a potential future supply source for both Atlantic LNG and the domestic market.

The acquisition strengthens bp’s position in the country as it seeks to help offset declining gas production. bp is already advancing several gas projects offshore Trinidad, including the Ginger subsea development, which is targeting first gas in 2027. The Calypso deal also marks Woodside’s planned exit from Trinidad and Tobago after decades of upstream operations in the country.

VENEZUELA:

bp-led partnership secures Loran Phase 2 gas license

The Venezuelan government has awarded a bp-led partnership an exploration and production license for Phase 2 of the offshore Loran gas field in the Plataforma Deltana area, according to an Aug. 13 bp press release. bp will operate the project alongside XRG and UCC Oil and Gas Holding, with each partner holding an equal stake. Loran Phase 2 is estimated to contain about 4 Tcf of recoverable gas and is expected to be developed in parallel with Phase 1. The field extends across the maritime border into Trinidad and Tobago, where Shell is advancing the corresponding Manatee development.

The award follows an April memorandum of understanding between bp and Venezuela covering exploration and development opportunities in Plataforma Deltana. bp also signed a separate MoU for the Carúpano East Block in the offshore Mariscal Sucre area, expanding its access to future exploration prospects. Together, the agreements strengthen momentum for cross-border gas developments aimed at boosting regional supply and supporting future export opportunities.

SLB, PDVSA enter E&P MoU

SLB and PDVSA have signed a framework agreement aimed at supporting the recovery of Venezuela’s oil and gas sector, according to a June 10 SLB news update. The agreement covers collaboration in exploration, field development, production, digitalization, and workforce development. A key focus is the deployment of digital technologies, including connected data platforms, predictive models, and AI-enabled workflows to improve operational efficiency and decision-making. The companies also plan to work on enhancing performance at mature fields, developing heavy-oil resources, optimizing infrastructure, and building local technical expertise through partnerships with academic institutions. The agreement reflects ongoing efforts to modernize Venezuela’s energy sector and unlock its significant hydrocarbon resources.

COLOMBIA:

Petrobras, Ecopetrol make third deepwater gas discovery

Petrobras and Ecopetrol have reported another offshore gas discovery in Colombia’s Caribbean waters with the Sandia-1 well, further strengthening an emerging deepwater gas hub that includes the Sirius, Sirius North, Papayuela, and Copoazu discoveries, according to an Aug. 3 Petrobras update. Drilled in 1,251 m of water in Block GUA-OFF-O, about 42 km offshore, Sandia-1 encountered gas-bearing intervals, with laboratory analysis now under way to assess reservoir and fluid characteristics.

The discovery is located near the Sirius and Copoazu wells, underscoring the growing resource potential of the area as Colombia seeks new domestic gas supplies to offset declining production from mature fields. Petrobras and Ecopetrol are already advancing the nearby Sirius development, where first gas is targeted around 2029-2030, subject to permitting, infrastructure development, and final investment approvals.

JAMAICA:

NRG examining rig, equipment needs for UOG’s first well 

United Oil & Gas (UOG) has taken a step toward potential drilling on its Walton-Morant license offshore Jamaica by appointing NRG Well Management to conduct a rig and long-lead equipment availability study, UOG reported Sept. 10. The work will assess rig supply, day rates, logistics, procurement timelines, and regional support infrastructure across the Caribbean and nearby offshore markets.

The study is intended to support UOG's ongoing search for a farm-in partner to help fund exploration of the license, where the company is targeting the 406-MMbbl Colibri prospect and the 603-MMbbl Thunderball lead. While the assessment does not commit the company to drilling, it will provide updated cost and operational data for farm-out negotiations. Results are expected within weeks and could help advance plans for one of the Caribbean's largest underexplored offshore acreage positions.

HONDURAS:

Talos farm-in expands exploration portfolio

Talos Energy has agreed to acquire an 80% operated interest in a large offshore block in Honduras, with CaribX retaining a 20% stake, the company reported Aug. 4. Talos has already completed a transaction covering 45% of its working interest and assumed operatorship, while acquisition of the remaining 35% is awaiting government approval.

The frontier acreage covers more than 4 million acres and contains both shallow- and deepwater exploration potential, including untested Miocene prospects within a proven petroleum system. As part of the farm-in, Talos plans to acquire 3D seismic data later this year to further evaluate the block's prospectivity. The company also holds an option to participate in a future exploration well, subject to seismic results. The deal expands Talos' exploration portfolio into the underexplored western Caribbean, where operators are increasingly assessing new offshore opportunities.

THE BAHAMAS: 

New Providence commissions FLNG import terminal

ECOnnect Energy will deploy its IQuay C-Class floating LNG infrastructure offshore The Bahamas under a charter agreement with New Providence Gas, a joint venture between Shell Bahamas Power Co. and Sun Oil Holdings, ECOnnect reported Aug. 5. The project will support LNG imports and power generation on New Providence Island, home to Nassau.

The floating system, known as La Santa Maria, will transfer LNG from carriers to an onshore storage facility via insulated pipelines, eliminating the need for a conventional fixed jetty. The project reflects growing interest in floating LNG import technologies among island nations seeking lower-cost access to natural gas supplies.