Woodside Energy Group (ASX:WDS) has announced the sale of its Greater Angostura oil and gas assets in Trinidad and Tobago to Perenco for US$206 million.
The divestment includes stakes in the shallow-water Angostura and Ruby fields, associated production facilities, and an onshore terminal.
This transaction marks a significant step in Woodside’s portfolio optimisation strategy and is expected to close in the third quarter of 2025, with an effective date of January 1, 2025, pending regulatory approvals.
Woodside CEO Meg O’Neill emphasised that the divestment aligns with the company’s broader goal of focusing on core priorities while delivering sustainable returns to shareholders.
She highlighted that the transaction provides immediate cash flow to support ongoing investments and shareholder distributions, building on an Australian asset swap announced in December 2024.
Over two decades of operations, Woodside has contributed over US$2 billion in taxes and invested more than US$1 billion in major shallow-water developments in Trinidad and Tobago.
The Greater Angostura field currently produces approximately 12 per cent of the country’s natural gas supply.
O’Neill acknowledged the role of the Trinidadian government in facilitating the development of these assets and praised Woodside employees for their dedication to safe and reliable operations.
Perenco will assume ownership and operatorship of the assets upon transaction completion, including responsibility for restoration obligations.
Most of Woodside’s employees in Trinidad and Tobago are expected to transition to Perenco, ensuring operational continuity.
The divestment does not include Woodside’s interest in the deepwater Calypso field, which remains a focus for future development.
The sale underscores Woodside’s disciplined approach to portfolio management. The proceeds will be reinvested into core projects across its portfolio.
Perenco, known for revitalising mature fields, is expected to enhance its regional production capabilities through this acquisition.
This move reflects Woodside’s commitment to streamlining operations while maintaining a strong financial position to pursue long-term growth opportunities.
