Woodside Petroleum is selling its Greater Angostura assets in Trinidad and Tobago for $206 million to Perenco. The deal includes interests in the Angostura and Ruby offshore fields and is expected to close by Q3 2025. Proceeds will support Woodside’s investments and shareholder distributions.
Woodside Petroleum has announced plans to sell its Greater Angostura assets in Trinidad and Tobago to Perenco for a hefty $206 million. This deal encompasses Woodside’s stake in both the Angostura and Ruby offshore oil and gas fields, production facilities linked to them, as well as the onshore terminal. This move aims to bolster Woodside’s immediate cash flow, which will aid in funding ongoing investments and shareholder distributions while simplifying the company’s asset portfolio.
CEO Meg O’Neill highlighted the role of the Trinidad and Tobago government in supporting the development of Greater Angostura. She mentioned that the field has significantly contributed to the local economy, providing both economic benefits and community support over the years. Woodside has reportedly paid over $2 billion in taxes to the government and invested more than $1 billion in essential developments in shallow water projects during its two decades in operation there.
The Greater Angostura field is vital, producing roughly 12% of Trinidad and Tobago’s gas supply. Woodside takes pride in its employees’ dedication to maintaining safe and reliable operations in the region, assuring that these efforts will continue under Perenco’s management post-sale. O’Neill emphasized that the divestment would increase the value derived from Greater Angostura, with proceeds aimed at reinforcing Woodside’s core investment priorities.
The deal is expected to wrap up by the third quarter of 2025, with an effective date set for January 1, 2025. It still requires customary approvals, which include those from joint venture partners and regulatory bodies. Until the deal is finalized, Woodside will maintain operations at Greater Angostura, and post-sale, Perenco will take over ownership and management. Moreover, most employees in Trinidad and Tobago are anticipated to transition to Perenco following the deal’s official closure.
It’s important to note that this transaction does not extend to the deepwater Calypso field. Woodside is committed to working closely with both the Trinidad and Tobago government and its joint venture partners to advance opportunities at Calypso as necessary.
In summary, Woodside Petroleum is divesting its Greater Angostura assets in Trinidad and Tobago to Perenco for $206 million, a move to solidify its financial position and streamline its portfolio. This transaction is significant, contributing to the local economy while allowing Woodside to focus on core projects. The deal, set to close in late 2025, will ensure a transition of operational duties and employee management to Perenco, leaving Woodside to prioritize other ventures like the Calypso project.
Original Source: worldoil.com
