BP PLC said on Thursday it has agreed to acquire Woodside Energy Group Ltd’s 70 percent operating stake in the Calypso gas field offshore Trinidad and Tobago, which would make the British energy giant the sole owner.
“Calypso is an early-stage deepwater natural gas project offshore Trinidad and Tobago, where BP has an established business and extensive oil and gas infrastructure,” BP said in an online statement.
“BP is the largest supplier of gas to the domestic market and has a 45 percent stake in the Atlantic LNG facility off Trinidad’s southwest coast.”
Atlantic LNG, which BP co-owns with Shell PLC and the Caribbean country’s National Gas Co, has a capacity of 15 million metric tons a year, the joint venture says on its website.
BP says on its website it owns 12 offshore platforms and two subsea installations in Trinidad and Tobago, making it the nation’s biggest hydrocarbon producer.
“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,” BP executive vice president for upstream Gordon Birrell said Thursday.
“Calypso is an early-stage deepwater natural gas project offshore Trinidad and Tobago, where BP has an established business and extensive oil and gas infrastructure.”
The parties expect to complete the transaction by year-end, subject to regulatory approval. Neither company disclosed the price of the transaction, which Woodside said involves cash and contingent payments.
Woodside said the divestment is an exercise of its disciplined approach to capital allocation.
“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,” said Woodside chief executive, Liz Westcott.
Last year Woodside sold its producing oil and gas assets in Greater Angostura to Perenco for AUD 206 million ($145.39 million).
