BP has reached an agreement to purchase Australia-based Woodside Energy’s 70% interest in the Calypso gas project, located in Block TTDAA 14 offshore Trinidad and Tobago.
This transaction, which will see bp become the sole owner and operator of the block, is expected to close by the end of 2026, subject to government and regulatory approvals.
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According to Woodside, the deal comprises both cash consideration and contingent payments but did not specify the exact numbers.
The Calypso project is an early stage deepwater gas development situated approximately 220km off the coast of Trinidad, in waters around 2,100m deep.
The asset comprises several gas discoveries across Block 23(a) and Block TTDAA 14, an area where bp already maintains a significant presence.
Woodside CEO Liz Westcott said the Calypso project divestment further streamlines the company’s portfolio and reinforces its disciplined capital allocation approach.
Westcott said: “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.
“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.”
BP is currently the largest supplier of natural gas to Trinidad and Tobago’s domestic market and holds a 45% equity stake in the Atlantic LNG facility.
BP upstream executive vice-president Gordon Birrell said: “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.”
In 2023, Woodside completed initial conceptual studies for Calypso and selected a preferred infield host for its development.
Pre-front-end engineering and design activities began in the latter half of 2023 to progress the project concept further.
The appraisal drilling programme, which included the Bongos-3, Bongos-3X and Bongos-4 wells, concluded in December 2021, with all wells encountering hydrocarbons.
BP recently reported profit of $4.33bn (£3.21bn) for the second quarter of 2026, an increase of 124.35% from $1.93bn a year earlier.
Profit attributable to shareholders rose by 139.88% to $3.91bn, compared with $1.63bn in the same quarter last year.
Operating cash flow reached $10.9bn, a 73.02% increase from $6.3bn in the prior-year period.
