17/08/2026 by Joel Thompson
UK-based BP has agreed a deal with Woodside Energy of Australia to purchase its 70% stake in the Calypso gas project offshore of Trinidad and Tobago.
The early-stage project is located in 2,100-metre-deep water about 135 miles offshore of Trinidad and Tobago. Calypso includes a number of gas discoveries split over Block TTDAA 14 and Block 23(a). On completion of the deal, BP will become the sole owner of the development.
The deal’s completion will also end Woodside’s presence in Trinidad and Tobago. Liz Westcott, the CEO of Woodside, said the deal reflects:
“…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.”
BP has recently been in the process of divesting many of its non-core assets, including its announced intention to exit the UK North Sea. It also plans to sell a majority share in the Castrol lubricant and coolant business.
In contrast, the acquisition of Calypso fits in with the company’s other assets in Trinidad and Tobago. It owns a 45% interest in the Atlantic LNG (liquified natural gas) plant and is the dominant provider of domestic gas in the twin-island nation.
Gordon Birrell, the upstream executive vice president at BP, 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.”
The deal is expected to complete by the end of the year subject to regulatory and government approvals.
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