BP Secures Full Ownership of Calypso Gas Field

BP has agreed to take full control of the Calypso gas field, located off the coast of Trinidad and Tobago. The London-headquartered energy giant will acquire Woodside Energy's 70% stake in Block TTDAA 14, giving BP 100% ownership of the project. This deal is expected to close by the end of 2026.

According to Dr. Thackwray Driver, an energy sector expert, Calypso contains approximately 3.5 trillion cubic feet of natural gas. The field has been in exploration since more than a decade ago, with additional appraisal wells drilled in 2021 as engineers worked through technical challenges associated with developing a deep-water field.

BP's executive vice president for Upstream, Gordon Birrell, stated that the acquisition builds on the company's existing operations and infrastructure, potentially unlocking new production while supporting long-term growth in the region. The deal is seen as a major boost for Trinidad and Tobago's natural gas industry, with energy expert Dr. Thackwray Driver estimating that once production begins, the country will benefit from higher gas volumes, increased LNG exports, and additional up-stream tax revenues.