BP to Take Full Control of Trinidad’s Calypso Gas Project

BP to Take Full Control of Trinidad’s Calypso Gas Project

Fri, August 7, 2026 at 5:00 AM GMT+3 2 min read

BP has agreed to acquire Woodside Energy's 70% stake in the Calypso gas project offshore Trinidad and Tobago, increasing its ownership to 100% and making the British energy major operator of the development.

The deal covers Block TTDAA 14, an early-stage deepwater natural gas project that could eventually provide additional supply to BP's established Trinidad and Tobago operations. The transaction remains subject to government and regulatory approvals and is expected to close by the end of 2026.

The acquisition consolidates BP's position in a country where it already has substantial gas production and infrastructure. BP is the largest supplier of natural gas to Trinidad and Tobago's domestic market and owns a 45% interest in the Atlantic LNG facility on the country's southwest coast.

That existing footprint could be important to the economics of Calypso. Rather than entering a new region, BP would be developing the resource alongside an established operating base and gas infrastructure, potentially creating options for bringing future production to market.

"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," BP upstream executive vice president Gordon Birrell said.

The agreement also marks Woodside Energy's exit from the project, with BP taking over its 70% interest as well as operatorship. No purchase price or development timetable was disclosed in the announcement.

Calypso remains at an early stage, meaning the transaction does not by itself represent a commitment to develop the project. However, taking full ownership gives BP control over future technical and investment decisions as it evaluates the resource within its broader Trinidad and Tobago portfolio.

Trinidad and Tobago has long relied on offshore gas production to supply its domestic industrial sector and LNG exports. Additional upstream resources are therefore strategically important to maintaining gas supplies to the country's existing infrastructure as mature fields decline.

By Charles Kennedy for Oilprice.com

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