Perenco to acquire Woodside’s Trinidadian assets for $206 million

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 the Australian major’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 said: “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.”

According to O’Neill, proceeds from the sale will be used to support ongoing investment in core priorities across Woodside’s portfolio.

The transaction is also expected to provide near-term cash flow to support ongoing investments and shareholder distributions, building on the Australian asset swap announced in December 2024, 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 get its hands on four mature fields–Immortelle, Flamboyant, Amherstia, and Cashima–and undeveloped resources from the Parang field.

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 kicked off in 2011, with Phase 3 following suit five years later.

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

Ruby is a conventional offshore oil and gas field located within the Greater Angostura fields. After the field’s discovery in 2006, the first oil was produced in May 2021. The field is operated by Woodside with a 68.46% interest, while the remaining 31.54% is held by The National Gas Company of Trinidad and Tobago.

The current development comprises 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.

Since the Australian giant seems to be carefully planning its investment and divestment options, in line with its portfolio optimization agenda, it recently changed its mind about farming into Pancontinental Orange’s license offshore Namibia.