bp to acquire Woodside's 70% stake in Calypso gas project offshore Trinidad

bp will assume full ownership and operatorship of the 3.5-Tcf Calypso gas project offshore Trinidad and Tobago through its acquisition of Woodside's 70% stake in the deepwater development.
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Aug. 7, 2026
2 min read
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Why this news matters:

  • The deal gives bp full control of the Calypso project, potentially simplifying development decisions and accelerating progress toward a final investment decision (FID).

  • Calypso could become an important future gas source for Trinidad and Tobago as the country seeks to replenish supplies for LNG exports and domestic industry.

 

Courtesy Atlantic LNG
Atlantic LNG's liquefaction facility in Point Fortin on the Trinidad coast

Atlantic LNG's liquefaction facility is in Point Fortin on the southwest coast of Trinidad. Calypso is viewed as a potential future source of gas supply for both the domestic market and LNG exports.

Woodside Energy has agreed to sell its 70% operated interest in Block TTDAA 14 offshore Trinidad and Tobago to partner bp.

The block includes the deepwater Calypso gas project. Subject to approvals, the deal should close by the end of 2026. Neither company disclosed the purchase price.

Calypso, 220 km offshore Trinidad in 2,100 m water depth, comprises various gas discoveries that also extend into Block 23(a).

Courtesy Atlantic LNG
Atlantic LNG facility

Atlantic LNG facility

Calypso was discovered in 2018, and the development is estimated to contain about 3.5 Tcf of natural gas resources, making it one of the largest undeveloped offshore gas opportunities in Trinidad and Tobago. The field is viewed as a potential source of future gas supply for both the domestic market and the Atlantic LNG export complex.

Trinidad and Tobago has been seeking new offshore gas developments to help offset declining production and increase feedgas supplies for its LNG and petrochemical sectors.

Prior to the transaction, Woodside had selected an infield host as its preferred development concept and advanced the project into pre-FEED in 2023. No specific FID date has been announced.

bp claims to be the largest supplier of gas to the domestic market in Trinidad and Tobago, with a 45% stake in the Atlantic LNG facility offshore Trinidad’s southwest coast.

Courtesy bp
Ginger Field offshore Trinidad and Tobago

Ginger will become bpTT’s fourth subsea development. First gas from the project is expected in 2027

bpTT is currently advancing Ginger, its fourth Trinidad and Tobago subsea development, with four subsea wells and trees tied back to the Mahogany B platform. First gas here is expected in 2027.

“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,” said Gordon Birrell, bp’s executive vice president of upstream.

Woodside CEO Liz Westcott said, “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.”

The transaction is expected to close by the end of 2026 and is subject to approval by the government and regulators.

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About the Author

Jeremy Beckman
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Jeremy Beckman

Staff Writer / Editor, Europe

Jeremy Beckman has been Editor Europe, Offshore since 1992. Prior to joining Offshore he was a freelance journalist for eight years, working for a variety of electronics, computing and scientific journals in the UK. He regularly writes news columns on trends and events both in the NW Europe offshore region and globally. He also writes features on developments and technology in exploration and production.

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