Woodside to Sell Trinidad and Tobago Assets to Perenco for $206 Million
Woodside is set to sell its Greater Angostura assets in Trinidad and Tobago to Perenco for $206 million. This includes interests in offshore oil and gas fields and onshore terminals. The sale aims to enhance liquidity and facilitate ongoing investments. Completion is scheduled for the third quarter of 2025, pending various approvals, and most employees will transition to Perenco post-sale.
Woodside has reached a significant agreement to sell its Greater Angostura assets located in Trinidad and Tobago to Perenco for a hefty sum of $206 million. This deal encompasses Woodside’s interests in the shallow water Angostura and Ruby offshore oil and gas fields, as well as the relevant production facilities and onshore terminal involved in these operations.
This divestment is part of a broader strategy to boost immediate cash flow, facilitating ongoing investments and enhancing shareholder distributions. It also aligns with an Australian asset swap that Woodside announced in December 2024, marking a step toward simplifying its overall portfolio.
Woodside CEO Meg O’Neill commented on the arrangement, noting, “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.” O’Neill highlighted that over the last twenty years, Woodside has contributed more than $2 billion in taxes to the country, in addition to investing over $1 billion in significant capital shallow water developments.
Remarkably, the Greater Angostura field accounts for approximately 12% of Trinidad and Tobago’s gas supply. O’Neill underscored Woodside’s pride in its employees’ dedication to maintaining safe operations, assuring that these efforts would likely persist under Perenco’s management. “The divestment accelerates the realization of value from Greater Angostura,” she added, mentioning that the sale proceeds would fuel investment into Woodside’s key priorities.
Describing this transaction as emblematic of the company’s disciplined portfolio management approach, O’Neill stated it aims at delivering sustainable returns to shareholders over time. Detailed timelines indicate that the deal is projected to close in the third quarter of 2025, with an effective start date of January 1, 2025. However, this is contingent on obtaining the customary approvals from joint ventures, government, and regulatory bodies.
Until the transaction is finalized, Woodside will continue to oversee the Greater Angostura assets. Once completed, ownership and operations will be fully transferred to Perenco, which will also assume all restoration responsibilities related to the assets. Woodside anticipates that a majority of its employees in Trinidad and Tobago will move over to Perenco as part of this transition.
It is worth noting that the sale excludes the deepwater Calypso field, as Woodside plans to continue collaborating with the Government of Trinidad and Tobago and its joint venture partner to explore opportunities related to Calypso.
In summary, Woodside’s sale of the Greater Angostura assets to Perenco for $206 million represents a strategic move to enhance financial liquidity while streamlining its operational focus. The transaction underscores the company’s ongoing commitment to responsible portfolio management and expects the benefits of this sell-off to surpass immediate financial returns. Meanwhile, employment transitions are expected, and Woodside will maintain operations in Trinidad and Tobago until the deal closes.
Original Source: worldoil.com
