UK supermajor BP has entered into an agreement with Australia-based Woodside Energy to acquire a 70% stake in Trinidad & Tobago’s Block TTDAA 14, home of the Calypso offshore natural gas development.
The deal will increase BP’s stake in TTDAA to 100%, with the European company taking over operatorship of the deepwater project.
Calypso is an early-stage deepwater gas project in water depths of around 2100 metres offshore Trinidad & Tobago, where BP has an established business and extensive oil and gas infrastructure.
“BP 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,” said BP executive vice president of upstream Gordon Birrell.
Woodside chief executive Liz Westcott said the Calypso divestment further simplifies the company’s portfolio.
“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,” she said.
The transaction, which comprises both cash consideration and contingent payments, is expected to close by the end of the year. Financial terms were not disclosed.
BP is the largest supplier of gas to the domestic market in Trinidad & Tobago and has a 45% stake in the Atlantic LNG facility off Trinidad’s southwest coast.
Extracted in full from: https://www.upstreamonline.com/field-development/bp-takes-full-control-of-calypso-gas-project-offshore-trinidad-tobago/2-1-2025933
