Woodside has agreed to sell its Trinidad and Tobago assets to Perenco for $206 million, including interests in the Greater Angostura oil and gas fields. The transaction aims to streamline Woodside’s portfolio while ensuring continued cash flow and investment in core projects. The deal is set to close in the third quarter of 2025, with employee transitions to Perenco anticipated.
Woodside, the Australian oil and gas company, has reached a deal to sell its assets in Trinidad and Tobago to Perenco for a hefty sum of $206 million. This agreement encompasses Woodside’s interests in the Greater Angostura oil and gas fields, along with associated production facilities and an onshore terminal. This move is part of Woodside’s ongoing strategy to streamline its asset portfolio.
The deal not only brings in immediate cash flow but also reinforces Woodside’s commitment to ongoing investments and shareholder returns. This follows a strategic asset swap that was announced back in December 2024, indicating a focused transition in Woodside’s operational strategy.
Meg O’Neill, Woodside’s CEO, highlighted the pivotal role of the Trinidad and Tobago government in the development of Greater Angostura. “Greater Angostura has been a valuable contributor to the economy of Trinidad and Tobago, providing economic and community benefits,” O’Neill commented on the asset’s positive impact.
Over the last twenty years, Woodside has significantly invested in Trinidad and Tobago, paying more than $2 billion in taxes and over $1 billion in capital developments in shallow water projects. The Greater Angostura field plays a crucial role, contributing around 12% of the country’s gas supply, showcasing the vital industry link.
O’Neill expressed pride in Woodside’s team, noting their dedication to safety and reliability in the region, adding that this commitment will carry on under Perenco’s management. “The divestment accelerates the realization of value from Greater Angostura and proceeds from the sale will be used to support ongoing investment in core priorities across Woodside’s portfolio.”
The finalized transaction is anticipated to close in the third quarter of 2025, with the effective date being January 1, 2025. Nevertheless, it’s still subject to the usual conditions such as obtaining joint venture, government, and regulatory approvals.
Woodside will maintain its operational role concerning the Greater Angostura assets until the deal closes. After the transfer of ownership and operating responsibilities to Perenco, they will also be tasked with all restoration duties related to the assets. Most employees currently based in Trinidad and Tobago are expected to move to Perenco as part of the transition.
Notably, the agreement does not extend to the deepwater Calypso field, as Woodside intends to collaborate further with the Trinidad and Tobago government and their joint venture partners to explore that opportunity.
In summary, Woodside’s deal with Perenco to sell its Trinidad and Tobago assets marks a significant portfolio adjustment for the company. With an expected closure in early 2025, this sale underscores Woodside’s focus on enhancing cash flow while continuing to invest in its core areas. The expected transition of employees and operations signifies a noteworthy shift in local management and oversight for these critical assets as Woodside moves forward with its strategic objectives.
Original Source: worldoil.com
