UK-based energy giant BP has agreed to acquire Woodside’s 70 percent interest in the Calypso gas project in Trinidad and Tobago, increasing its stake to 100 percent and assuming operatorship.
BP, which is now led by Woodside’s former CEO, Meg O’Neill, announced the move in a statement on Thursday, but it did not provide the financial details.
The transaction is expected to close by the end of 2026 and remains subject to approval by the government and regulators.
BP noted that Calypso is an early-stage deepwater natural gas project offshore Trinidad and Tobago, where the company has an established business and extensive oil and gas infrastructure.
Moreover, the energy firm said it is the largest supplier of gas to the domestic market and has a 45 percent stake 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.
Woodside CEO Liz Westcott said in a separate statement that the Calypso project divestment “further simplified Woodside’s portfolio and supported the company’s disciplined approach to capital allocation.”
“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,” she said.