Australia’s Woodside Energy to Divest Offshore Assets in Trinidad and Tobago

Australia’s energy giant Woodside Energy has signed an agreement with Anglo-French oil and gas player Perenco to divest its assets off the coast of Trinidad and Tobago.

As disclosed, the $206 million sale of the Greater Angostura assets encompasses Woodside’s interest in the shallow water Angostura and Ruby offshore oil and gas fields, associated production facilities, and the onshore terminal.

Woodside’s CEO Meg O’Neill stated: “Greater Angostura has been a valuable contributor to the economy of Trinidad and Tobago, providing economic and community benefits. As a result of operations over the past two decades, Woodside has paid more than $2 billion in taxes to Trinidad and Tobago and invested over $1 billion in major capital shallow water developments.

“The Greater Angostura field produces approximately 12% of Trinidad and Tobago’s gas supply. Woodside is proud of our employees and their commitment to safe and reliable operations in Trinidad and Tobago. Their efforts will continue under the stewardship of Perenco.”

Proceeds from the sale will be used to support ongoing investment in core priorities across Woodside’s portfolio, according to O’Neill. The transaction is also expected to provide near-term cash flow to support ongoing investments and shareholder distributions, further simplifying Woodside’s portfolio.

Subject to customary conditions precedent, including joint venture, government, and regulatory approvals, the transaction is scheduled to close in Q3 2025 with an effective date of January 1, 2025.

This follows Perenco’s acquisition of BP’s assets offshore Trinidad in September 2024, enabling the Anglo-French player to acquire four mature fields–Immortelle, Flamboyant, Amherstia, and Cashima–and undeveloped resources from the Parang field.

Field Details

The Greater Angostura field is an offshore conventional oil and gas field located 38 kilometers northeast of Trinidad. The Angostura field was discovered in 1999, with first oil achieved in January 2005 as part of Phase 1. Gas sales within Phase 2 began in 2011, with Phase 3 following five years later.

Woodside operates the Angostura field with a 45% interest, alongside The National Gas Company of Trinidad and Tobago and Chaoyang holding 30% and 25% stakes, respectively.

Ruby, a conventional offshore oil and gas field within the Greater Angostura fields, was discovered in 2006, with first oil production in May 2021. Woodside operates the field with a 68.46% interest, while The National Gas Company of Trinidad and Tobago holds the remaining 31.54%.

The current development includes a main central processing platform (CPP), a gas export platform (GEP), four wellhead protector platforms (WPP), and an onshore terminal. Flowlines connect the Ruby wellhead platform back to the CPP and GEP for processing.

Woodside’s strategic decisions in investing and divesting align with its portfolio optimization agenda, as evidenced by its recent choice not to farm into Pancontinental Orange’s license offshore Namibia.