PORT OF SPAIN, Trinidad, CMC – The Energy Chamber of Trinidad and Tobago has welcomed the decision by the UK-based Perenco to acquire Woodside’s producing oil and gas assets in Trinidad & Tobago.
With their acquisition of bpTT’s Cashima, Amherstia, Flamboyant, and Immortelle (CAFI) fields earlier this year, Perenco solidifies itself as a significant oil and gas producer in Trinidad and Tobago.
“Based on first quarter 2025 production data, it is estimated that Perenco will now be the second largest producer of oil and gas in terms of barrel of oil equivalence, second to bpTT, and is followed by Shell and EOG Resources.”
The Energy Chamber stated that barrels of oil equivalent (boe) is a measure that combines natural gas production and crude oil production into a single unit for ease of understanding.
“The equivalence refers to the energy content, with on average 5,800 cubic feet of gas producing the same amount of energy as a barrel of crude oil (this is a general estimate because different grades of crude and different types of natural gas will have different energy values based on their specific chemical composition). This energy equivalence does not take into account the fact that natural gas is usually less valuable than crude oil for the same energy content.”
The Energy Chamber stated that Perenco’s acquisition of Woodside’s assets is significant, given that Woodside produced over 300 million cubic feet per day (mmscf/d), which is approximately 12 percent of Trinidad and Tobago’s total natural gas production, as well as just over 1,600 barrels of oil per day.
It stated that with the addition of the Woodside production, Perenco will now account for 22 percent of the oil and gas produced in Trinidad and Tobago, leapfrogging both EOG Resources and Shell.
The Energy Chamber stated that Gregoire de Courcelles, the general manager of Perenco Trinidad and Tobago, had previously explained that Perenco’s expertise lies in developing mature and marginal oil and gas fields to optimize resource recovery and extend the economic lifespan. Given the age of many of Trinidad & Tobago’s oil and gas fields, there is an obvious fit with Perenco’s strengths.
“However, the company is not just interested in producing from existing assets. In 2024, they announced the successful drilling of the Onyx well and sidetrack in the eastern part of the undeveloped Onyx field. The two legs encountered significant columns of natural gas in two separate geological compartments.
“The Onyx field is an undeveloped gas discovery located within the TSP license, in a water depth of 180 ft, between the Poui and Teak fields, off Trinidad’s south-east coast. TSP is a joint venture between Perenco T&T Limited, the Operator, Heritage Petroleum Company Limited, and The National Gas Company of Trinidad and Tobago Limited.
“This will add new production to Perenco’s portfolio if they can take a final investment decision and move to develop the field,” the Energy Chamber added.
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