Australian oil and gas developer, Woodside is to sell its Greater Angostura assets in Trinidad and Tobago to Anglo/French developer, Perenco for $206 mill.
The sale includes Woodside’s interest in the shallow water Angostura and Ruby offshore oil and gas fields, associated production facilities and the onshore terminal.
Woodside said that this transaction provides near-term cash flow to support ongoing investments and shareholder distributions and builds on the Australian asset swap announced last December, further simplifying its portfolio.
CEO, Meg O’Neill said 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.
“As a result of operations over the past two decades, Woodside has paid more than $2 bill in taxes to Trinidad and Tobago and invested over $1 bill in major capital shallow water developments. The Greater Angostura field produces approximately 12% of Trinidad and Tobago’s gas supply.
“Woodside is proud of our employees and their commitment to safe and reliable operations in Trinidad and Tobago. Their efforts will continue under the stewardship of Perenco.
“The divestment accelerates the realisation of value from Greater Angostura and proceeds from the sale will be used to support ongoing investment in core priorities across Woodside’s portfolio.
“This transaction is another demonstration of Woodside’s disciplined approach to portfolio management and optimisation, aimed at delivering sustainable returns to shareholders over the long term,” she said.
The sale is expected to close in the third quarter of this year with an effective date of 1st January, 2025 and is subject to customary conditions precedent, including joint venture, government and regulatory approvals.
Woodside will continue to operate the assets until the transaction’s close.
Once the deal is finalised, Perenco will be responsible for all restoration obligations in relation to the Greater Angostura assets.
Woodside also said that it expected most of its employees based in Trinidad and Tobago to be transferred to Perenco.
This transaction does not include the deepwater Calypso field in which Woodside will continue to work with the Government of Trinidad and Tobago and its joint venture partner to progress the project.
