Perenco to acquire producing assets offshore Trinidad and Tobago from Woodside

Perenco has agreed to acquire the Greater Angostura assets offshore Trinidad and Tobago from Woodside Energy for $206 million. 

The acquisition is inclusive of Woodside’s interest in shallow water Angostura and Ruby offshore oil and gas fields, associated production infrastructure, and the onshore terminal. Perenco will assume control of two Woodside entities, their working interest and operatorship of the 2(C) (45%) and 3(A) (68.46%) production sharing contracts.

The deal does not include the Woodside-operated (70%) deepwater Calypso field. 

Greater Angostura is developed through seven fixed platforms and additional subsea infrastructure. Angostura field was discovered in 1999. Phase 1 reached first oil in January 2005, with Phase 2 follwing in 2011. First gas for Angostura Phase 3 was established in September 2016. First oil at Ruby was achieved in May 2021. Total production from Greater Angostura exceeds 50,000 boe/d (about 12% of the twin-island Caribbean nation's gas supply). 

Perenco, in a release Mar. 28, said the acquisition builds on its existing operational presence in the Columbus basin as the Great Angostura assets lie about 40 km north of Perenco’s Teak, Samaan, and Poui (TSP) assets acquired in 2016. At end-2024, Perenco expanded its area operations with the acquisition of the Cashima, Amherstia, Flamboyant & Immortelle (CAFI) gas producing assets from bp Trinidad and Tobago (bpTT) (OGJ Online, Sept. 3, 2024).

Woodside chief executive officer Meg O’Neill, in a separate Mar. 28 release, said proceeds from the sale will be used to support ongoing investment in the company’s “core priorities.” 

O’Neill said Woodside has invested over $1 billion in shallow water developments in Trinidad and Tobago over the past two decades. 

Woodside will continue to operate the Greater Angostura assets until the deal closes, which is expected in this year’s third quarter subject to customary conditions including joint venture, government, and regulatory approvals. Woodside expects most of its employees based in Trinidad and Tobago to transfer to Perenco.

With transfer of ownership and operatorship of the assets at closing, Perenco also will be responsible for restoration obligations.