Woodside Energy Group Ltd (ASX:WDS, LSE:WDS, OTC:WOPEF) has agreed to sell its 70% interest in the Calypso gas project in Trinidad and Tobago to BP as part of its strategy to streamline its global portfolio and concentrate capital on higher-priority developments.
The transaction will bring an end to Woodside’s decades-long presence in Trinidad and Tobago, where the company has held interests in the offshore Ruby and Angostura oil and gas fields.
Woodside chief executive Liz Westcott said the divestment reflected the company’s disciplined approach to capital allocation and its focus on opportunities considered most likely to generate long-term shareholder value.
The deal includes upfront cash and contingent payments and is expected to close by the end of 2026, subject to government and regulatory approvals.
For BP, the acquisition will consolidate ownership of the Calypso project. The company already holds the remaining 30% interest and has an established upstream oil and gas business in Trinidad and Tobago.
The transaction also comes amid leadership links between the 2 companies, with BP chief executive Meg O’Neill taking up the role in April after previously serving as chief executive of Woodside.
The sale continues Woodside’s broader effort to simplify its international asset portfolio while directing investment towards projects it considers strategically important to future production and returns.
