BP Acquires Woodside’s Share of Trinidad Calypso Gas Project

BP has agreed to acquire Woodside Energy’s 70% operating stake in the Calypso deepwater gas project offshore Trinidad and Tobago.

This transaction will increase BP’s ownership in Block TTDAA 14 from 30% to 100%. The acquisition aligns with BP’s strategy to focus its upstream portfolio on high-value assets near its existing regional infrastructure and operations. BP is currently the largest supplier of domestic natural gas in Trinidad and Tobago and maintains a 45% stake in the Atlantic LNG plant.

Gordon Birrell, BP’s executive vice president of Upstream, stated that leveraging existing infrastructure will help unlock new production and support long-term regional growth.

For Woodside, the sale marks its complete exit from Trinidad and Tobago, where it has operated for decades with historical interests in the offshore Ruby and Angostura fields. Woodside CEO Liz Westcott noted that the divestment reflects the company’s focus on prioritizing global portfolio opportunities that deliver the highest sustained value.

The deal fits into BP’s broader portfolio restructuring under CEO Meg O’Neill, which recently included plans to divest its UK North Sea business and its U.S. biogas assets to focus capital on core upstream operations.

The transaction, which consists of cash and contingent payments, is expected to close by the end of 2026, pending standard regulatory and government approvals.