BP has agreed to buy Woodside Energy's 70% operating stake in the Calypso gas field offshore Trinidad and Tobago, making BP the project's sole owner. The deal extends Woodside's exit from the country, a year after it sold its Angostura and Ruby assets to Perenco.
BP PLC agreed Thursday to acquire Woodside Energy Group's 70% operating stake in the Calypso gas field offshore Trinidad and Tobago, a move that would make BP the sole owner of the early-stage deepwater project. Neither company disclosed the price, but Woodside said the transaction involves cash and contingent payments, with completion expected by the end of the year, subject to regulatory approval.
BP builds on an established Trinidad and Tobago business
Calypso sits in a region where BP already runs an established business and extensive oil and gas infrastructure. The company is the largest supplier of natural gas to Trinidad and Tobago's domestic market and holds a 45% stake in the Atlantic LNG facility off the country's southwest coast, which it co-owns with Shell and the National Gas Co. That joint venture, Atlantic LNG, has a capacity of 15 million metric tons a year.
BP also owns 12 offshore platforms and two subsea installations in the country, making it Trinidad and Tobago's biggest hydrocarbon producer. BP executive vice president for upstream Gordon Birrell said the deal has "potential to unlock new production and support long-term growth in the region".
Woodside's exit follows the Angostura and Ruby sale
Woodside said the divestment reflects its disciplined approach to capital allocation, and completion will close out its decades-long presence in Trinidad and Tobago, which has included stakes in the Ruby and Angostura offshore oil and gas fields. That presence had already shrunk: last year, Woodside sold its producing oil and gas assets in Greater Angostura to Perenco for AUD 206 million ($145.39 million).
That earlier deal handed Perenco Woodside's operating stakes in the shallow-water Angostura and Ruby fields, which produce about 300 million standard cubic feet a day of gas, around 12% of the nation's gas production. Perenco now holds 45% of Angostura under the 2(C) production sharing contract and 68.46% of Ruby under the 3(A) contract, and most of Woodside's Trinidad and Tobago employees were expected to transfer to Perenco.
Source: Rigzone.com
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