bp has agreed to acquire Woodside Energy’s 70% operated interest in the Calypso gas project offshore Trinidad and Tobago, giving it full ownership and operatorship of the early-stage deepwater development.
The transaction will increase bp’s interest in production-sharing contract TTDAA 14 from 30% to 100%. Completion is expected by the end of 2026, subject to government and regulatory approvals. The financial terms were not disclosed, although Woodside said the agreement includes cash consideration and contingent payments.
Calypso is located approximately 220 km off the coast of Trinidad in water depths of around 2100 m. The wider resource comprises several gas discoveries across Block 23(a) and Block TTDAA 14.
An appraisal programme involving the Bongos-3, Bongos-3X and Bongos-4 wells was completed in 2021, with all three wells encountering hydrocarbons. Woodside subsequently selected an infield host as its preferred development concept, with pre-FEED work beginning in 2023.
The acquisition strengthens bp’s position in Trinidad and Tobago, where it is already the largest supplier of natural gas to the domestic market and holds a 45% interest in Atlantic LNG. Calypso could provide an important source of future production as the country seeks to address declining gas supplies to its LNG and petrochemical industries.
“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,” said Gordon Birrell, bp’s executive vice-president, Upstream.
For Woodside, the divestment will conclude its decades-long presence in Trinidad and Tobago. Chief executive Liz Westcott said the sale would simplify the company’s portfolio and support its disciplined approach to capital allocation.
Since you are here: from Nov 11-13 November 2026, the EAGE Conference on Energy Opportunities in the Caribbean is taking place in Trinidad & Tobago. More information here.
