Image source: Shutterstock

Highlights

  • Woodside Energy agrees to divest Greater Angostura assets to Perenco for $206 million.
  • The transaction includes Angostura and Ruby fields, production facilities, and an onshore terminal.
  • Proceeds from the sale will support Woodside's ongoing investments and portfolio simplification.

Woodside Energy (NYSE: WDS) has entered into an agreement with Perenco to sell its Greater Angostura assets in Trinidad and Tobago for $206 million. The divestment includes Woodside’s interest in the Angostura and Ruby offshore oil and gas fields, along with the associated production facilities and the onshore terminal.

The sale aligns with Woodside’s strategy to simplify its portfolio and optimize its asset base. The proceeds from the transaction are expected to support ongoing investments and shareholder distributions. This move builds on Woodside’s asset swap agreement from December 2024, reinforcing its commitment to a more focused portfolio.

CEO Meg O’Neill commented on the significance of the Greater Angostura field, highlighting its contributions to both the local economy and the energy sector in Trinidad and Tobago. Over the past two decades, Woodside has paid more than $2 billion in taxes to the country and invested over $1 billion in major shallow water developments. The Greater Angostura field accounts for approximately 12% of Trinidad and Tobago’s gas supply, underscoring its importance in the region’s energy landscape.

The transaction is expected to close in the third quarter of 2025, with an effective date of January 1, 2025. Following the transaction’s completion, Perenco will assume ownership and operatorship of the assets. Woodside will continue to operate the assets until the deal closes. Employees based in Trinidad and Tobago will also likely transfer to Perenco as part of the transaction.

It’s important to note that the sale does not include the deepwater Calypso field, with Woodside continuing to work on advancing that opportunity with its partners and the Government of Trinidad and Tobago.