Woodside Energy Sells Trinidad Oil and Gas Assets

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By Tsvetana Paraskova - Mar 28, 2025, 6:30 AM CDT

Woodside Energy has reached a deal to sell oil and gas assets offshore in Trinidad and Tobago to UK-based firm Perenco as part of portfolio optimization efforts, the Australian major said on Friday.

Under the agreement, Woodside Energy will sell its interest in the shallow water Angostura and Ruby offshore oil and gas fields, associated production facilities, and the onshore terminal for $206 million.

Woodside came into possession of the Trinidad and Tobago assets following the 2022 merger of Woodside with BHP’s oil and gas portfolio.

The Greater Angostura field produces approximately 12% of Trinidad and Tobago’s gas supply, Woodside CEO Meg O’Neill said in a statement.

The completion of the Woodside-Perenco transaction, expected to close in the third quarter of 2025 with an effective date of January 1, 2025, is subject to customary conditions precedent, including joint venture, government, and regulatory approvals.

Following the transaction's close, ownership and operatorship of the assets will be transferred to Perenco.

“The divestment accelerates the realisation of value from Greater Angostura and proceeds from the sale will be used to support ongoing investment in core priorities across Woodside’s portfolio,” O’Neill commented.

“This transaction is another demonstration of Woodside’s disciplined approach to portfolio management and optimisation, aimed at delivering sustainable returns to shareholders over the long term.”

Trinidad and Tobago’s gas industry received a shot in the arm earlier this week as BP approved the development of the offshore Ginger natural gas project, which will be one of the ten major new projects that the UK supermajor promised to start up by 2027.

Ginger will become BP Trinidad and Tobago’s fourth subsea project and will include four subsea wells and subsea trees tied back to its existing Mahogany B platform. First gas from Ginger is expected in 2027. At peak, the development is expected to have the capacity to produce an average gas production of 62,000 barrels of oil equivalent per day.

By Tsvetana Paraskova for Oilprice.com