bp is set to take full control of the Calypso gas project offshore Trinidad and Tobago after agreeing to acquire Woodside Energy’s 70% interest in Block TTDAA 14.
The deal, announced on August 6, will increase bp’s stake in the project to 100% and make the company the operator. Completion is expected by the end of 2026, pending approval from the government and regulators.
Gordon Birrell, bp’s executive vice president for Upstream, said the acquisition could help the company leverage its existing operations in the country.
“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,” he stated.
Calypso is an early-stage deepwater gas development located about 220 kilometers offshore Trinidad in water depths of approximately 2,100 meters. The wider project includes discoveries across Block 23(a) and Block TTDAA 14, including Bongos, Bele, Boom, Hi-Hat and Tuk.
The project contains an estimated 3.5 trillion cubic feet of natural gas and is viewed as a potential source of future supply for Trinidad and Tobago’s liquefied natural gas and petrochemical industries as the country works to address declining gas production.
Woodside had advanced Calypso into the pre-front-end engineering and design (pre-FEED) stage in 2024 after selecting an infield host concept for the development. Commercial discussions and engineering work have continued as partners evaluated options to move the project toward a final investment decision.
bp already has a major presence in Trinidad and Tobago, where it is the country’s largest natural gas supplier and holds a 45% interest in the Atlantic LNG facility on Trinidad’s southwest coast.
Trinidad has been trying to push for projects that will partially reverse the gradual decline in its output. The country has about 10 years of gas production left based on less than 12 trillion cubic feet (tcf) of natural gas reserves.
