Woodside Energy is selling its Greater Angostura assets in Trinidad and Tobago for $206 million to Perenco.
The two companies announced the deal, which is subject to customary conditions as well as joint venture, governmental, and regulatory approvals, on 28 March. The deal is expected to close in the third quarter of this year, with an effective date of 1 January 2025.
The transaction does not include the Woodside-operated deepwater Calypso field in 2100 m water offshore Trinidad and Tobago. Woodside said it will continue to work with partner BP on developing the deepwater gas project, which has recently moved closer to final investment decision, with Woodside and the government reaching an agreement on the project’s commercial terms.
Included in Woodside’s divestment are the shallow-water Angostura and Ruby offshore oil and gas fields, associated production facilities, and the onshore terminal. Over the past two decades, Woodside CEO Meg O’Neill said the company has invested more than $1 billion in major capital shallow-water developments in Trinidad and Tobago and paid more than $2 billion in taxes. The Greater Angostura field produces approximately 12% of Trinidad and Tobago’s gas supply, according to Woodside.
Woodside’s proceeds from the deal, which is simplifying the Australian operator’s portfolio, will be used to “support ongoing investment in core priorities,” O’Neill said in a news release.
Woodside will continue to operate the Greater Angostura assets until the close of the transaction. Following the transaction’s close, ownership and operatorship of the assets will be transferred to Perenco, which also will be responsible for all restoration obligations in relation to the Greater Angostura assets. Woodside said it expects most of its employees based in Trinidad and Tobago will transfer to Perenco.
The Greater Angostura offshore fields, which have been developed by seven fixed platforms and additional subsea facilities targeting the Angostura and Ruby oil and gas fields, produce more than 300 MMcf/D (50,000 BOEPD). The Great Angostura assets are about 40 km north of Perenco’s Teak, Samaan, and Poui assets, which the company acquired in 2016. In 2024, Perenco took over as operator of the Cashima, Amherstia, Flamboyant, and Immortelle as producing assets.
When the transaction closes, Perenco will have a gross gas production base of more than 500 MMcf/D in the country.
