BP has agreed to acquire Woodside Energy's 70% interest in Block TTDAA 14, which contains the Calypso gas project offshore Trinidad and Tobago, increasing its stake to 100% and assuming operatorship.
The transaction is expected to close by the end of 2026, subject to government and regulatory approvals.
Calypso is an early-stage deepwater natural gas project located approximately 220 km offshore Trinidad in water depths of around 2,100 meters. The resource comprises several gas discoveries across Block TTDAA 14 and Block 23(a).
Woodside advanced the project through concept selection in the first half of 2023, choosing an in-field host as the preferred development concept before commencing pre-front-end engineering and design (pre-FEED) work in the second half of the year.
Marketing and commercial discussions have continued to evaluate options for monetizing the resource.
The Calypso appraisal drilling program, comprising the Bongos-3, Bongos-3X and Bongos-4 wells, concluded in December 2021, with all three wells encountering hydrocarbons.
The acquisition expands BP's upstream position in Trinidad and Tobago, where the company has an established offshore business, is the country's largest supplier of natural gas to the domestic market, and holds a 45% interest in the Atlantic LNG facility.
According to BP, the acquisition has the potential to support future production by leveraging its existing offshore infrastructure in the region.