UK-headquartered energy giant BP has set the wheels in motion to become the sole owner and operator of a deepwater natural gas field by buying the stake its partner, Australia’s energy giant Woodside Energy, holds in the project being developed off the coast of Trinidad and Tobago.
BP has agreed to acquire Woodside Energy’s 70% interest in Block TTDAA 14, which contains the Calypso early-stage deepwater natural gas project offshore Trinidad and Tobago, increasing its stake to 100% and assuming operatorship.
The transaction, which is expected to close by the end of 2026, is subject to approval by the government and regulators. Located approximately 225 kilometers off the east coast of Trinidad, the field lies in around 2,100 meters of water depth.
The appraisal drilling program, consisting of the Bongos-3, Bongos-3X, and Bongos-4 wells, concluded on December 20, 2021, during which all wells encountered hydrocarbons. Woodside hired Argeo to perform the 2024 survey on the Calypso field.
Conceptual studies were completed in the first half of 2023, with an infield host selected as the preferred development concept, enabling pre-front end engineering design (pre-FEED) engineering to begin in the second half of 2023 to mature the definition of the concept.
The joint venture continued pre-FEED/concept engineering, fiscal negotiations with the Trinidad and Tobago government, and commercial discussions on monetising the gas during 2024–2025.
BP has an established business and extensive oil and gas infrastructure in Trinidad and Tobago, where it claims to be the largest supplier of gas to the domestic market. The firm has a 45% stake in the Atlantic LNG facility off Trinidad’s southwest coast.
Gordon Birrell, BP’s Executive Vice President of Upstream, commented: “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.”
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