Woodside has entered into an settlement with Perenco to divest its Higher Angostura belongings in Trinidad and Tobago for $206 million. The divestment is inclusive of Woodside’s curiosity within the shallow water Angostura and Ruby offshore oil and fuel fields, related manufacturing amenities and the onshore terminal.
The transaction offers near-term money stream to assist ongoing investments and shareholder distributions and builds on the Australian asset swap introduced in December 2024, additional simplifying Woodside’s portfolio.1
Woodside CEO Meg O’Neill mentioned the event of Higher Angostura was made doable by the assist of the Authorities of Trinidad and Tobago,” O’Neill mentioned. “Higher Angostura has been a helpful contributor to the financial system of Trinidad and Tobago, offering financial and group advantages.”
Woodside CEO Meg O’Neill
On account of operations over the previous 20 years, Woodside has paid greater than $2 billion in taxes to Trinidad and Tobago and invested over $1 billion in main capital shallow water developments.
“The Higher Angostura area produces roughly 12% of Trinidad and Tobago’s fuel provide. Woodside is happy with our staff and their dedication to protected and dependable operations in Trinidad and Tobago. Their efforts will proceed below the stewardship of Perenco.
“The divestment accelerates the conclusion of worth from Higher Angostura and proceeds from the sale can be used to assist ongoing funding in core priorities throughout Woodside’s portfolio.
“This transaction is one other demonstration of Woodside’s disciplined strategy to portfolio administration and optimization, geared toward delivering sustainable returns to shareholders over the long run.”
Transaction particulars
The transaction is predicted to shut within the third quarter of 2025 with an efficient date of 1 January 2025. Completion of the transaction is topic to customary circumstances precedent, together with three way partnership, authorities and regulatory approvals.
Woodside will proceed to function the Higher Angostura belongings till shut. Following transaction shut, possession and operatorship of the belongings can be transferred to Perenco. Perenco will even be chargeable for all restoration obligations in relation to the Higher Angostura belongings. Woodside expects most of its staff based mostly in Trinidad and Tobago will even switch to Perenco.
The transaction doesn’t embrace the deepwater Calypso area. Woodside will proceed to work with the Authorities of Trinidad and Tobago and our three way partnership associate to progress the Calypso alternative.
