BP Takes Full Ownership of Calypso Deepwater Gas Block in Trinidad After Woodside Exits 70% Stake

BP agreed to acquire Woodside Energy's 70% interest in the Calypso deepwater natural gas block offshore Trinidad and Tobago. The acquisition gives bp full ownership and operatorship of Block TTDAA 14, an early-stage deepwater development in the southeastern Caribbean. The deal is expected to close by year-end 2026, pending regulatory approvals in Trinidad and Tobago.

Gordon Birrell, bp executive vice president upstream, said the company sees potential to "unlock new production and support long-term regional growth" by leveraging existing infrastructure in the country. Liz Westcott, Woodside's chief executive, said the transaction "demonstrates Woodside's focus on progressing opportunities with the best potential to deliver sustained value." Woodside had operated Ruby and Angostura fields in Trinidad for decades before deciding to exit the country entirely.

No financial terms were disclosed by either company. The Calypso block is pre-final investment decision, meaning reserves have been discovered but a development plan and capital commitment have not yet been sanctioned. BP's pursuit of sole ownership signals that the company views Calypso as a long-term strategic asset rather than a near-term divestiture candidate.

BP Trinidad and Tobago: Positioned Around Atlantic LNG

BP Trinidad and Tobago (BPTT) is the country's largest natural gas producer and its primary supplier to the domestic market. BPTT is a wholly owned subsidiary of bp plc, operating producing fields and managing pipeline infrastructure across the country's offshore basins. BP also holds 45% of Atlantic LNG, the four-train liquefaction plant at Point Fortin that processes and exports Trinidad's gas to global markets.

Atlantic LNG has operated below its nameplate capacity in recent years as upstream gas volumes from mature fields have declined. New deepwater supply sources are central to restoring utilization across the four trains. A commercially viable Calypso development would give BPTT a controlled resource to feed the facility, reducing reliance on third-party gas supply agreements.

Brent crude was trading at $82.69 per barrel as of late morning on August 6 on ICE, up 4.08% on the day, reflecting commodity strength tied to Strait of Hormuz supply concerns. That price environment strengthens the economic case for new deepwater gas development in the Caribbean, where upstream projects compete for capital against global LNG alternatives.

Woodside Concentrates on Australian LNG

Woodside's exit from Trinidad reflects a strategic pivot toward its core Australian LNG assets. The company operates Pluto LNG and holds interests in the North West Shelf project, both on Western Australia's coast. Capital from the Calypso sale and prior Caribbean exits is expected to flow toward the Scarborough gas development, which will supply feedstock for Pluto Train 2.

The Angostura and Ruby fields, which Woodside operated in Trinidad before earlier sales, produced primarily associated gas and condensate at volumes that no longer justified maintaining a regional office and operational infrastructure. Calypso was the last remaining Trinidad asset for Woodside. The transaction, once closed, will complete the company's full withdrawal from the Caribbean.

What Full Operatorship Means for bp

With 100% ownership, bp can set Calypso's development plan, drilling schedule, and production targets without requiring consent from a joint venture partner. For early-stage deepwater blocks, sole operatorship typically accelerates appraisal and pre-FEED studies by eliminating partner alignment cycles. Atlantic LNG's four trains have a combined nameplate capacity of approximately 15 million tonnes per annum (MTPA), giving bp a direct financial incentive to restore feed gas volumes through a project it controls end-to-end.

BP's position as operator and sole owner also simplifies integration of Calypso volumes into BPTT's existing offshore pipeline network, which connects producing fields to onshore gas processing infrastructure. The Calypso block sits in deeper water east of Trinidad's existing producing fairways. Successful appraisal drilling could extend the productive life of the country's gas export franchise by a decade or more.