Australian energy giant Woodside Energy has agreed to sell its 70 per cent operated interest in the offshore Calypso natural gas project to British major bp, concluding its decades-long presence in Trinidad and Tobago.
The transaction will see bp acquire Woodside’s majority stake in production sharing contract Block TTDAA 14, consolidating 100 per cent ownership and assuming complete operatorship of the early-stage deepwater development. Financial details were not fully disclosed, though Woodside confirmed the deal structure comprises both upfront cash consideration and future contingent payments.
Woodside CEO Officer Liz Westcott stated that the divestment aligns with the Perth-based energy company’s disciplined approach to capital allocation while streamlining its international portfolio.
“The transaction demonstrates Woodside’s clear focus on progressing the right opportunities across our global portfolio that have the best potential to deliver sustained value for Woodside shareholders,” Westcott said.
“Completion of the divestment will conclude Woodside’s decades-long presence in Trinidad and Tobago that has included interests in the Ruby and Angostura offshore oil and gas field operations and associated production facilities.”
For bp, the buyout significantly expands its upstream footprint in the Caribbean nation, where it already stands as the largest supplier of natural gas to the domestic market and holds a 45 per cent interest in the Atlantic LNG export facility.
“By building on the strengths of our existing operations and infrastructure, we have the potential to unlock new production and support long-term growth in the region,” said Gordon Birrell, bp’s executive vice president for upstream.
The Calypso project encompasses deepwater discoveries located roughly 220 kilometres offshore in water depths of 2,100 metres.
Subject to customary closing conditions and regulatory approvals from the government of Trinidad and Tobago, the transaction is expected to finalise by the end of 2026.
