BP p.l.c. Acquires Full Ownership of Calypso Gas Project

BP p.l.c. agreed to acquire Woodside Energy Group Limited's 70% interest in the Calypso gas project offshore Trinidad and Tobago, granting the company full ownership and operatorship of the early-stage deepwater natural gas development. The transaction increases the company's stake in Block TTDAA 14 from 30% to 100%, aligning with a strategy led by CEO Meg O'Neill to concentrate the upstream portfolio on high-value assets.

For Woodside Energy Group Limited, the divestment marks a complete exit from Trinidad and Tobago after decades of operations in the Ruby and Angostura fields. The deal includes cash consideration and contingent payments, with a projected closing date by the end of 2026, pending customary government and regulatory approvals.

Gordon Birrell, Executive Vice President of Upstream at BP p.l.c., stated the company can unlock new production and support long-term regional growth by leveraging existing infrastructure. Woodside Energy Group Limited CEO Liz Westcott noted the transaction demonstrates the company's focus on progressing opportunities within its global portfolio that offer the best potential for sustained value.