BP has agreed to acquire Woodside Energy’s 70% interest in the Calypso gas project offshore Trinidad and Tobago, giving BP full ownership of the early-stage deepwater discovery.
Calypso contains an estimated 3.5 trillion cubic feet of natural gas. The discovery could help ease Trinidad and Tobago’s natural gas shortage.
The sale price was not disclosed. Woodside Energy said the agreement includes cash consideration and contingent payments, with completion expected by the end of 2026.
The transaction will also mark Woodside Energy’s exit from Trinidad and Tobago. The company sold other offshore oil and gas assets in the country in March 2025.
Woodside Energy said last week that it expects to record impairment losses of $160 million to $200 million on the Calypso project in its first-half financial results.
CEO Liz Westcott said the divestment would simplify Woodside Energy’s portfolio and allow the company to focus on selected opportunities.
BP is the largest supplier of gas to Trinidad and Tobago’s domestic market and owns a 45% interest in the Atlantic LNG facility.
Natural gas shortages in Trinidad and Tobago have reduced output from LNG and petrochemical facilities. Several ammonia and methanol plants have been shut or idled, along with Atlantic LNG’s Train 1 liquefaction unit.
In 2025, BP produced around 1 billion cubic feet of natural gas per day in Trinidad and Tobago. Production from the country accounted for more than 15% of BP’s net gas output.
