(WO) — bp has agreed to accumulate Woodside Power’s 70% curiosity within the Calypso fuel mission offshore Trinidad and Tobago, giving the corporate full possession and operatorship of the early-stage deepwater pure fuel improvement.
bp CEO Meg O’Neill. Picture: bp.
The transaction will increase bp’s stake in Block TTDAA 14 from 30% to 100% and represents one other step within the firm’s technique of concentrating its upstream portfolio round high-value belongings the place it already has established infrastructure and operational experience.
Calypso is an early-stage deepwater fuel mission offshore Trinidad and Tobago, the place bp is the nation’s largest provider of pure fuel to the home market and holds a forty five% curiosity within the Atlantic LNG facility.
“By constructing on the strengths of our present operations and infrastructure, now we have the potential to unlock new manufacturing and help long-term progress within the area,” mentioned Gordon Birrell, bp’s government vice chairman, Upstream.
For Woodside, the divestment marks the corporate’s exit from Trinidad and Tobago after many years of operations, together with pursuits within the Ruby and Angostura offshore oil and fuel fields.
“The transaction demonstrates Woodside’s clear concentrate on progressing the suitable alternatives throughout our international portfolio which have the perfect potential to ship sustained worth,” Woodside CEO Liz Westcott mentioned.
The acquisition aligns with bp’s broader portfolio repositioning underneath CEO Meg O’Neill. In current weeks, the corporate has introduced plans to market its UK North Sea enterprise, divest its U.S. biogas enterprise and promote different non-core belongings whereas growing its concentrate on core upstream operations and capital self-discipline.
The transaction, which incorporates money consideration and contingent funds, is anticipated to shut by the top of 2026, topic to customary authorities and regulatory approvals.