BP agrees to buy Woodside Energy's stake in Calypso gas project
BP PLC on Thursday announced an agreement to buy a 70% interest in Block TTDAA 14, which houses the Calypso offshore gas project, from Woodside Energy Group Ltd.
The London-based oil major has thereby increased its stake to 100% from 30%, and assumed operatorship of the block.
Calypso is an early-stage deepwater natural gas project offshore Trinidad & Tobago, and BP noted that it has "an established business and extensive oil and gas infrastructure" in the country, including its 45% stake in the Atlantic LNG facility off the southwest coast.
BP said it expects to close the acquisition by the end of this year, noting that it is subject to approval by the government and regulators.
"By building on the strengths of our existing operations and infrastructure, we have the potential to unlock new production and support long-term growth in the region," commented BP's Upstream Executive Vice President Gordon Birrell.
Woodside Chief Executive Officer Liz Westcott, meanwhile, said that divesting Calypso further simplifies the Perth, Australia-based oil and gas company's portfolio and supported its disciplined approach to capital allocation.
"The transaction demonstrates Woodside's clear focus on progressing the right opportunities across our global portfolio that have the best potential to deliver sustained value for Woodside shareholders," Westcott commented. "Completion of the divestment will conclude Woodside's decades-long presence in Trinidad and Tobago that has included interests in the Ruby and Angostura offshore oil and gas field operations and associated production facilities."
BP shares were up 0.5% at 517.50 pence in London on Thursday. Woodside shares closed 0.2% lower at AUD31.72 in Sydney.
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