Woodside has entered an agreement to sell its 70% operated interest in production sharing contract TTDAA 14 (‘Calypso Project’) in Trinidad and Tobago to bp. bp currently holds the remaining 30% interest in the project and has an established upstream presence in Trinidad and Tobago.

Woodside Chief Executive Officer Liz Westcott said the Calypso Project divestment further simplified Woodside's portfolio and supported the company's disciplined approach to capital allocation.

"The transaction demonstrates Woodside’s clear focus on progressing the right opportunities across our global portfolio that have the best potential to deliver sustained value for Woodside shareholders.

“Completion of the divestment will conclude Woodside's decades-long presence in Trinidad and Tobago that has included interests in the Ruby and Angostura offshore oil and gas field operations and associated production facilities.

"We thank the Government of Trinidad and Tobago, our joint venture participants and all those who have supported our business in the country over such a long period.”

The transaction, comprising both cash consideration and contingent payments, is expected to close by the end of 2026. Completion of the transaction is subject to customary conditions precedent, including government and regulatory approvals.

About Woodside Energy

Woodside is a global energy company. Driven by a spirit of innovation and determination, we established the liquefied natural gas industry in Australia in the 1980s. Today, our strategy is to thrive through the energy transition with a resilient and diversified portfolio of oil, gas and new energy projects in Australia, North America and Africa.

About bp

bp (NYSE: BP, LSE: BP.L) is one of the world's largest oil and gas companies, serving millions of customers every day in more than 80 countries, and employing nearly 85,000 people. BP's business segments are oil and gas exploration & production, and refining & marketing. In alternative energies, BP has low- and no-carbon wind and biofuels businesses. Through these activities, BP provides fuel for transportation; energy for heat and light; services for motorists; and petrochemicals products for plastics, textiles and food packaging. It has strong positions in many of the world's hydrocarbons basins and strong market positions in key economies.