BP to acquire Woodside's stake in Calypso gas project in Trinidad and Tobago (updated)

Woodside Energy

06/08/2026 14:22

This Aug 6 story was updated on Aug 7 to add details, Woodside comment and transaction timeframe in paragraphs 5-7
Aug 6 (Reuters) - BP BP.L has agreed to acquire Australia-based Woodside Energy’s WDS.AX 70% interest in the Calypso gas project in Trinidad and Tobago, it said on Thursday, taking full ownership of the major early-stage deepwater discovery.
The 3.5-trillion-cubic-foot Calypso natural gas discovery is offshore Trinidad and Tobago and could help ease the twin-island country's natural gas shortage.
The deal will also mark Woodside's exit from the region, with the company having sold some other offshore oil and gas assets in Trinidad and Tobago in March 2025.
BP CEO Meg O'Neill started in her position in April after being chief executive at Woodside.
The Calypso sales price was not disclosed. Woodside said on Friday the deal would include cash consideration and contingent payments and was expected to close by the end of the year.
The Australian company last week warned it expected to report impairment losses of $160 million to $200 million on the Calypso project in its first-half financial results. 
Woodside CEO Liz Westcott said in a statement that the divestment would simplify the company's portfolio and allow it to focus on opportunities with the best potential to deliver sustained value for shareholders.
BP says it is the largest supplier of gas to Trinidad and Tobago's domestic market and has a 45% stake in the country's flagship Atlantic LNG facility.
Trinidad's worsening natural gas shortage has reduced output at the country's liquefied natural gas and petrochemical facilities, forcing producers to operate below capacity and contributing to the shutdown or idling of several ammonia and methanol plants as well as Atlantic LNG's liquefaction Train 1.
BP produced around 1 billion cubic feet per day of natural gas in Trinidad and Tobago in 2025, more than 15% of the company's net gas output, BP data shows. 

 (Reporting by Yamini Kalia in Bengaluru, Stephanie Kelly in London, Curtis Williams in Houston and Helen Clark in Perth; Editing by Jonathan Ananda, Emelia Sithole-Matarise and Jamie Freed)
 ((Yamini.Kalia@thomsonreuters.com))