bp plc will become operator and sole owner of the Calypso gas project offshore Trinidad and Tobago through an agreement with Woodside Energy.

bp agreed to acquire Woodside’s 70% operated interest in Block TTDAA 14, which would increase bp’s stake to 100%. A purchase price was not disclosed, but Woodside said the deal comprises both cash and contingent payments.

Calypso is an early stage deepwater natural gas project about 220 km off the coast of Trinidad in a water depth of 2,100 m. The project has progressed through pre front-end engineering and design following conceptual studies. An appraisal drilling program (Bongos-3, Bongos-3X, and Bongos-4 wells) concluded in December 2021. All wells encountered hydrocarbons. 

Woodside chief executive officer Liz Westcott said the Calypso project divestment is part of a plan to simplify the company's portfolio and support a disciplined approach to capital allocation. With the deal, expected to close by yearend subject to approval by the government and regulators, Woodside ends its decades-long presence in Trinidad and Tobago.

bp holds an established business in Trinidad and Tobago with existing oil and gas infrastructure, including 12 offshore platforms and three subsea installations. The company is currently the largest supplier of gas to the domestic market and holds a 45% interest in the Atlantic LNG plant off Trinidad’s southwest coast.