bp Takes Full Control of Trinidad’s Calypso Gas Project

bp has signed an agreement to acquire Woodside Energy’s 70% participating interest in Block TTDAA 14, home to the Calypso gas project offshore Trinidad and Tobago. Upon completion of the transaction, bp will own 100% of the project and become its operator, reinforcing its strategic position in one of the Caribbean’s most important natural gas-producing regions.

Calypso is an early-stage deepwater natural gas development located off the coast of Trinidad and Tobago. Although the project remains in its development phase, it is considered a significant resource that could contribute to the country’s future gas supply. The acquisition aligns with bp’s strategy of expanding production through assets located near its existing infrastructure, allowing the company to capitalize on operational efficiencies and reduce future development costs.

bp already maintains a strong presence in Trinidad and Tobago, where it is the country’s largest supplier of natural gas to the domestic market. The company also holds a 45% interest in the Atlantic LNG export facility situated off the southwest coast of Trinidad. With an extensive network of offshore platforms, pipelines, and processing infrastructure already in place, bp is well positioned to integrate the Calypso project into its broader regional operations.

According to Gordon Birrell, Executive Vice President of Upstream at bp, the acquisition supports the company’s long-term growth strategy by building on the strengths of its existing assets. He noted that leveraging current infrastructure could help unlock additional gas production while strengthening bp’s position in the region’s upstream sector. The company believes that consolidating ownership of the project will simplify decision-making and improve development planning, ultimately enhancing operational efficiency.

The acquisition is expected to close before the end of 2026, subject to receiving approvals from the Government of Trinidad and Tobago and the relevant regulatory authorities. Once finalized, bp will assume full ownership and operatorship of Block TTDAA 14, giving the company complete control over the project’s development timeline and investment decisions.

The move also reflects the growing importance of natural gas in global energy markets, where demand remains resilient as many countries seek lower-carbon alternatives to coal and oil. By expanding its upstream gas portfolio in Trinidad and Tobago, bp aims to strengthen future production capacity, support domestic and export markets, and reinforce its long-term presence in the Caribbean energy sector.

Impact on Product and Chemical Commodity Prices

bp’s acquisition of full ownership in the Calypso gas project is expected to strengthen future natural gas supply from Trinidad and Tobago, although the impact will be long term because the project remains in its early development stage. Increased gas availability could support LNG exports and provide stable feedstock for petrochemical production. For chemical commodities tracked by ChemAnalyst, the immediate price impact is likely to be minimal. Over the longer term, improved gas availability may ease production costs for ammonia, methanol, hydrogen, urea, and other gas-based chemicals, potentially exerting downward pressure on prices if additional supply reaches global markets.