bp has agreed to acquire Woodside Energy’s 70% interest in Block TTDAA 14, known as the Calypso gas project, offshore Trinidad and Tobago. The transaction will give bp full ownership of the project and make the company its operator. Calypso is an early-stage deepwater natural gas development located offshore Trinidad and Tobago. The acquisition will strengthen bp’s position in a country where it already has a significant upstream presence and extensive oil and gas infrastructure.
bp is currently the largest supplier of natural gas to Trinidad and Tobago’s domestic market. The company also holds a 45% interest in Atlantic LNG, located off the country’s southwest coast. The acquisition of Woodside’s stake will allow bp to further build on its existing operations, infrastructure and knowledge of the local energy market.
Gordon Birrell, Executive Vice President, Upstream, bp, said the company sees an opportunity to build on its existing strengths in Trinidad and Tobago and unlock the potential of the Calypso project. “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,” Mr Birrell said.
The Calypso project is still at an early stage of development and is located in deepwater acreage. With bp taking full ownership and operatorship, the company will have greater control over the project’s future development and the evaluation of potential gas resources. The deal is expected to close by the end of 2026. Completion remains subject to approval from the government of Trinidad and Tobago and relevant regulatory authorities.
The acquisition comes as bp continues to focus on its upstream portfolio while seeking to make use of existing infrastructure and established operating positions. Trinidad and Tobago remains an important gas-producing region for the company, supported by its upstream assets, domestic gas supply activities and interest in Atlantic LNG.
Full ownership of Calypso is expected to provide bp with increased flexibility as it evaluates the project’s development potential. The company can also leverage its existing technical expertise and infrastructure in the country as it works towards assessing future production opportunities.
The transaction will increase bp’s interest in Block TTDAA 14 from 30% to 100%. Woodside currently owns the remaining 70% interest being acquired by bp. The completion of the transaction will mark another step in bp’s long-standing involvement in Trinidad and Tobago’s energy sector and could support future gas production from the country’s offshore resources.
