BP acquires Woodside Calypso gas project

BP has agreed to acquire Woodside Energy's 70% operating stake in the Calypso gas project offshore Trinidad and Tobago, increasing its ownership to 100% and assuming operatorship. The transaction covers Block TTDAA 14, an early-stage deepwater natural gas project with estimated reserves of 3.5 trillion cubic feet. The deal is subject to government and regulatory approvals and is expected to close by the end of 2026. BP already has a substantial presence in Trinidad and Tobago as the largest supplier of natural gas to the domestic market and holds a 45% stake in the Atlantic LNG facility. The acquisition consolidates BP's position and gives it control over future development decisions, though it does not constitute a final investment decision. Woodside's divestment concludes its decades-long presence in the country, following its earlier sale of the Angostura and Ruby fields to Perenco. Energy experts view the move as a positive step toward advancing the long-delayed project, which could strengthen Trinidad and Tobago's gas supply and LNG export capacity.