Australian energy company Woodside has agreed to sell its 70 per operated interest in the offshore Calypso Project in Trinidad and Tobago to bp, bringing its long-standing operations in the country to a close.

The transaction covers production sharing contract TTDAA 14.

Bp, which already owns the remaining 30 per cent interest, will take full ownership of the project once the deal is completed.

Woodside Chief Executive Officer Liz Westcott said the sale reflects the company’s disciplined approach to investing in projects that offer the strongest long-term returns.

“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,” she said.

Westcott said the agreement would end Woodside’s decades-long presence in Trinidad and Tobago, where it has held interests in the Ruby and Angostura offshore oil and gas fields and related production facilities.

She also thanked the Government of Trinidad and Tobago, the company’s joint venture partners and others who had supported its business over the years.

The deal includes a cash payment along with additional contingent payments, although the companies have not disclosed its value.

Completion is expected before the end of 2026, pending government and regulatory approvals as well as the satisfaction of customary closing conditions.