BP Acquires Full Control of 3.5 Tcf Calypso Gas Project in Trinidad
BP has secured 100% ownership of the Calypso gas project from Woodside Energy for improved operational control. This acquisition is vital as Trinidad and Tobago faces declining gas supplies, and BP aims to leverage its existing infrastructure to enhance domestic production.
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BP p.l.c. will acquire Woodside Energy Group Ltd.'s 70% interest in the Calypso gas project, increasing its ownership to 100% by the end of 2026, pending regulatory approvals. This project, located 220 km off Trinidad in deepwater, is estimated to contain 3.5 trillion cubic feet of natural gas resources.
The acquisition enables BP to streamline decision-making and development processes, previously complicated by the joint-operating agreement with Woodside. Trinidad and Tobago's gas supply constraints make this acquisition strategically significant as it could potentially restore industrial utilization and support LNG output. However, BP must navigate development costs and establish a commercial framework before moving forward.
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