Supermajor BP has agreed to acquire Woodside Energy's full interest in the Calypso gas project in Trinidad and Tobago, according to Splash247. The British-based firm will purchase a 70% stake in Block TTDAA 14, where the project is located, increasing its total interest to 100% and taking over operatorship. The transaction is expected to close by the end of 2026.
Deal Structure and Timeline
According to Splash247, BP will acquire Woodside Energy's 70% working interest in Block TTDAA 14. Once the transaction closes, BP will own 100% of the block and will assume operatorship. The deal is on track to close by the end of 2026, the report said. The ownership transition is shown below.
| Owner | Interest before deal | Interest after deal |
|---|---|---|
| BP | 30% | 100% |
| Woodside Energy | 70% | 0% |
Calypso Project Specifications
The Calypso project is an early-stage deepwater natural gas project located offshore Trinidad and Tobago. Key details from the report appear below.
| Attribute | Detail |
|---|---|
| Project name | Calypso |
| Block | TTDAA 14 |
| Location | Offshore Trinidad and Tobago |
| Distance from shore | ~220 km |
| Water depth | ~2,100 m |
| Reserves (per Woodside) | 3.5 trillion cubic feet (tcf) |
| Development stage | Early-stage deepwater |
Splash247 reported that the reserve figure of 3.5 tcf was provided by Woodside.
BP's Established Position in Trinidad
BP is the largest supplier of gas to Trinidad and Tobago's domestic market, according to Splash247. The company also holds a 45% stake in the Atlantic LNG facility, which sits off the country's southwest coast. These existing operations and infrastructure are central to BP's rationale for taking full control of the Calypso block, the report indicated.
Executive Comment
"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." — Gordon Birrell, BP's executive vice president for upstream, in a statement reported by Splash247.
What the Deal Means for Gas Supply
The acquisition consolidates a substantial deepwater gas resource — 3.5 tcf of natural gas reserves — under the full ownership of a single operator. Prior to the deal, ownership was split between BP (30%) and Woodside Energy (70%). After the expected close at the end of 2026, BP will control 100% of Block TTDAA 14 and will direct the project's development.
For commodity traders and LNG supply analysts, the transaction shifts control of a significant undeveloped gas discovery to the company that already dominates Trinidad and Tobago's gas supply chain. BP's existing operations — including its 45% share of Atlantic LNG and its position as the country's largest domestic gas supplier — provide the infrastructure base the supermajor says it will build on to unlock new production, according to the statement from Gordon Birrell.
The transaction is expected to close by the end of 2026, according to Splash247. Calypso is described in the report as an early-stage deepwater project, and no production timeline has been disclosed.
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