en.Wedoany.com Reported - On August 6, UK energy company BP announced it had agreed to acquire Woodside Energy's 70% interest in the Calypso deepwater gas project. BP currently holds a 30% stake in the project, and upon completion of the transaction, its ownership will increase to 100%. The Calypso gas discovery holds estimated resources of approximately 3.5 trillion cubic feet and remains an early-stage deepwater development project.
The Calypso project is located approximately 220 kilometers northeast of Trinidad, in water depths of about 2,100 meters, encompassing multiple gas discoveries across two deepwater blocks, Block 23(a) and TTDAA 14. The project was previously operated by Woodside. In December 2021, drilling plans for the Bongos-3, Bongos-3X, and Bongos-4 appraisal wells were completed, with all three wells encountering hydrocarbons. In the first half of 2023, the project completed concept studies and selected an in-field production facility as the preferred development concept, with pre-front-end engineering design (Pre-FEED) commencing in the second half of the year. According to Woodside's data updated through April this year, the project continues to advance development planning and commercialization discussions.
Trinidad and Tobago's Ministry of Energy and Energy Industries has previously identified Calypso as a key deepwater gas development project for the country. Data released by the ministry in 2025 showed the project's gas resources at approximately 3.5 trillion cubic feet, with planned peak production of about 700 million standard cubic feet per day; at that time, a final investment decision had not yet been made. In its 2025 annual report, Woodside disclosed that technical studies that year further optimized the project's development plan, secured improved fiscal terms from the Trinidad and Tobago government, and continued advancing gas commercialization negotiations.
This interest transaction also continues Woodside's divestment of assets in Trinidad and Tobago. In 2025, Woodside sold the Greater Angostura oil and gas production assets to Perenco, explicitly excluding the Calypso deepwater project from the transaction scope and retaining its 70% interest. The sale of the Greater Angostura assets was subsequently completed in July 2025. Under the arrangement reached with BP, upon completion of the Calypso interest transfer, Woodside will exit the region, with BP becoming the sole interest holder in the project.
BP is currently the largest natural gas supplier in Trinidad and Tobago's domestic market and holds approximately 45% interest in Atlantic LNG. In 2025, BP's local gas production averaged about 1 billion cubic feet per day, accounting for more than 15% of its global net gas production. The Calypso area is adjacent to existing offshore and onshore gas infrastructure, as well as LNG and petrochemical facilities. The project will continue to require further engineering design, commercial arrangements, and investment decisions as part of its development process.
