BP Acquires 70% of Calypso, Taking Control of Trinidad's Deepwater Gas

BP announced on August 6 the acquisition of the 70% stake that Woodside Energy held in the Calypso deepwater gas project, offshore Trinidad and Tobago, according to its official press release. With the transaction, the British oil major raises its interest in block TTDAA 14 to 100% and assumes operatorship of the field.

Calypso is a deepwater field approximately 220 kilometres offshore, with estimated resources of around 3.5 trillion cubic feet (Tcf), according to Reuters. BP is already the largest gas supplier to Trinidad's domestic market and holds a 45% stake in the Atlantic LNG plant, which has a capacity of 15 million tonnes per year, according to Rigzone. Trinidad relies on that gas to feed its petrochemical industry and its liquefied natural gas (LNG) exports to the Caribbean. Calypso, which has yet to reach a final investment decision, is the country's primary resource for replacing output from its maturing fields. The project is positioned as a future supply source for Atlantic LNG, whose exports serve the Caribbean and other Latin American markets.

The transaction is expected to close by year-end 2026, subject to government and regulatory approvals. The price was not disclosed and includes a mix of cash payments and contingent payments, per BP's press release. For Woodside, the sale closes out decades of presence in Trinidad, where in 2025 it sold its Angostura and Ruby fields to Perenco. Those fields produce approximately 300 million cubic feet per day, roughly 12% of the country's gas output, as reported by Rigzone. Gordon Birrell, BP's executive vice president for upstream, said the transaction leverages the company's existing in-country infrastructure to unlock new production and sustain regional growth. BP operates 12 offshore platforms and two subsea installations in Trinidad, making it the country's largest hydrocarbon producer.

The next milestone is the final investment decision for Calypso, which now rests with BP as sole operator and which Trinidad needs to restore supply to its petrochemical sector and to Atlantic LNG. The transaction close is expected by year-end 2026.

This article was drafted with the assistance of artificial intelligence from verified sources and reviewed by a human editor before publication.