BP, the UK-headquartered energy giant, is making significant strides in its portfolio by initiating a move to acquire full ownership of a deepwater natural gas field off the coast of Trinidad and Tobago. This strategic decision involves purchasing the 70% stake held by Australia’s Woodside Energy in the Calypso project, increasing BP’s stake to 100% and assuming full operational control.
The agreement to acquire Woodside Energy’s interest in Block TTDAA 14 marks an essential step in BP’s ongoing efforts to expand its operational footprint in the energy sector. Located approximately 225 kilometers off the Trinidad coastline in waters reaching depths of about 2,100 meters, the Calypso project signifies a promising venture for BP. The acquisition is currently pending governmental and regulatory approvals, with a closing date anticipated by the end of 2026.
The development of the Calypso field has progressed through a detailed appraisal drilling program. This program, which concluded in December 2021, included the Bongos-3, Bongos-3X, and Bongos-4 wells, all of which successfully encountered hydrocarbons. To further assess the field, Woodside contracted Argeo for a 2024 survey aimed at gaining deeper insights into the gas reserves.
In the first half of 2023, BP moved forward with conceptual studies, selecting an infield host as the preferred developmental concept. This choice has allowed the company to commence pre-front-end engineering design (pre-FEED) engineering, with the goal of refining the operational definition and facilitating a smoother transition into comprehensive development.
Throughout 2024 and 2025, BP and its joint venture partners are continuing to engage in pre-FEED engineering, while also navigating through fiscal negotiations with the government of Trinidad and Tobago. The ongoing discussions focus on the commercialization of the gas reserves, a crucial factor in ensuring the project’s overall viability and profitability.
BP already boasts a well-established presence in Trinidad and Tobago, where it is recognized as the largest supplier of gas to the domestic market. The company holds a substantial 45% stake in the Atlantic LNG facility located along the island’s southwest coastline. This existing infrastructure provides BP with a strong foundation to support the operational and logistical aspects of the Calypso project.
Gordon Birrell, BP’s Executive Vice President of Upstream, expressed enthusiasm over the acquisition, stating, “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.” This sentiment underscores BP’s commitment to harnessing its operational capabilities to generate sustainable growth and development in the energy sector.
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