BP will acquire Woodside's Calypso stake

BP announced on Thursday that it had agreed to 'acquire' Woodside Energy, based in Australia, 70% of its interest in the Calypso Gas Project in Trinidad and Tobago. This will give BP full ownership over the early-stage deepwater gas discovery.

The 3.5-trillion-cubic-foot Calypso natural gas discovery is off the shore ?of Trinidad and Tobago and could help ease the twin-island country's ?natural gas shortage.

Woodside will also be leaving the region, having sold assets from its offshore oil and?gas project in Trinidad and Tobago last March. Meg O'Neill, BP's CEO, took over the role in April. She was previously chief executive of Woodside. British energy giant BP claims to be the biggest gas supplier in Trinidad and Tobago and holds a 45% share of the country's Atlantic LNG facility. Trinidad's natural gas shortage is worsening, reducing output at petrochemical and liquefied gas facilities. This has forced producers to operate below capacity and contributed to the shutdown of or idleness of several ammonia plants and methanol factories as well as Atlantic LNG's Liquefaction Train 1. BP data indicates that in '2025, BP will produce around 1 billion cubic foot per day of natural gases in Trinidad and Tobago, which is over 15% of the company's total net gas production.

(source: Reuters)