Woodside has entered into an agreement with Perenco to divest its Greater Angostura assets in Trinidad and Tobago for $206 million. The divestment is inclusive of Woodside’s interest in the shallow water Angostura and Ruby offshore oil and gas fields, associated production facilities and the onshore terminal.
The transaction provides near-term cash flow to support ongoing investments and shareholder distributions and builds on the Australian asset swap announced in December 2024, further simplifying Woodside’s portfolio.(1)
Woodside CEO Meg O’Neill said the development of Greater Angostura was made possible by the support of the Government of Trinidad and Tobago.
'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.
'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.
'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.'
Transaction details
The transaction is expected to close in the third quarter of 2025 with an effective date of 1 January 2025. Completion of the transaction is subject to customary conditions precedent, including joint venture, government and regulatory approvals. Woodside will continue to operate the Greater Angostura assets until close. Following transaction close, ownership and operatorship of the assets will be transferred to Perenco. Perenco will also be responsible for all restoration obligations in relation to the Greater Angostura assets. Woodside expects most of its employees based in Trinidad and Tobago will also transfer to Perenco.
The transaction does not include the deepwater Calypso field. Woodside will continue to work with the Government of Trinidad and Tobago and our joint venture partner to progress the Calypso opportunity.
(1) See 'Woodside simplifies portfolio and unlocks long-term value' announced 19 December 2024 for details. Completion of the transaction is expected to occur in 2026.
Source: Woodside
