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 off the shore of 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 assets in its offshore oil and gas project in Trinidad and Tobago in March last year.
BP CEO Meg O'Neill started in the position in April after being chief executive at Woodside.
The British energy major 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, over 15% of the company's net gas output, BP data shows.
