bp Takes Control of Calypso Gas Project Off Trinidad and Tobago

Oil giant bp is expanding its operations in Trinidad and Tobago after agreeing to acquire Woodside's 70% stake in the Calypso gas project. The deal will give bp full control of the deepwater development, which contains an estimated 3.5 Tcf of natural gas resources.

The transaction, expected to close by the end of 2026, is subject to approval from the government and regulators. Woodside's CEO Liz Westcott said the divestment will conclude their decades-long presence in Trinidad and Tobago.

With this acquisition, bp aims to unlock new production and support long-term growth in the region. The company already has a significant presence in Trinidad and Tobago, with a 45% stake in the Atlantic LNG facility offshore Trinidad's southwest coast.