(World Oil) — bp has agreed to acquire Woodside Energy’s 70% interest in the Calypso gas project offshore Trinidad and Tobago, giving the company full ownership and operatorship of the early-stage deepwater natural gas development.
The transaction increases bp’s stake in Block TTDAA 14 from 30% to 100% and represents another step in the company’s strategy of concentrating its upstream portfolio around high-value assets where it already has established infrastructure and operational expertise.
Calypso is an early-stage deepwater gas project offshore Trinidad and Tobago, where bp is the country’s largest supplier of natural gas to the domestic market and holds a 45% interest in the Atlantic LNG 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, Upstream.
For Woodside, the divestment marks the company’s exit from Trinidad and Tobago after decades of operations, including interests in the Ruby and Angostura offshore oil and gas fields.
“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,” Woodside CEO Liz Westcott said.
The acquisition aligns with bp’s broader portfolio repositioning under CEO Meg O’Neill. In recent weeks, the company has announced plans to market its UK North Sea business, divest its U.S. biogas business and sell other non-core assets while increasing its focus on core upstream operations and capital discipline.
The transaction, which includes cash consideration and contingent payments, is expected to close by the end of 2026, subject to customary government and regulatory approvals.
