Welcome to Yorkshire
Published on August 6th, 2026
•In a significant move for the energy sector, bp has announced its agreement to acquire a 70% interest in the Calypso gas project from Woodside Energy. This acquisition will increase bp’s ownership of the project to 100%, allowing the company to take full operational control. The Calypso project is located in Block TTDAA 14, offshore Trinidad and Tobago, which is known for its rich natural gas resources.
Calypso Project Overview
The Calypso project is still in its early stages, focusing on deepwater natural gas extraction. This means that it will involve drilling for gas in waters that are deeper than usual, which can present unique challenges and opportunities. Trinidad and Tobago is already a key area for bp, as the company has a well-established presence there, including a 45% stake in the Atlantic LNG facility located on the southwest coast of Trinidad. This facility is crucial for supplying liquefied natural gas, not just locally, but also for export.
Importance of the Acquisition
This acquisition is significant for several reasons:
Increased Control: By acquiring Woodside's stake, bp will have complete control over the Calypso project, which could lead to more efficient operations and decision-making.
Expansion of Resources: With the full ownership of Calypso, bp can further develop its gas production capabilities, which are vital for meeting both local and international energy demands.
Strengthened Market Position: bp's position as the largest supplier of gas to the domestic market in Trinidad and Tobago will be solidified, enhancing its influence in the region.
Future Development Plans
As part of this acquisition, bp plans to invest in the development of the Calypso project, which is expected to contribute to the company’s overall growth strategy. The transaction is anticipated to close by the end of 2026, pending approval from the Trinidad and Tobago government and relevant regulatory bodies. This timeline suggests that bp is eager to move forward and start making the most of the opportunities that Calypso presents.