Woodside Petroleum has announced its agreement to sell its Greater Angostura assets in Trinidad and Tobago to Perenco for $206 million. This transaction aims to streamline Woodside’s portfolio, provide cash flow for investments, and includes significant contributions to local taxes and economy. The sale is set to close in the third quarter of 2025, with employee transfers expected to Perenco, and it does not include the Calypso field.
Woodside Petroleum has formally agreed to sell its Greater Angostura assets in Trinidad and Tobago to Perenco for a sum of $206 million. The sale encompasses Woodside’s stake in the shallow water Angostura and Ruby offshore oil and gas fields, the accompanying production facilities, and the onshore terminal, marking a significant step in streamlining Woodside’s operations.
This divestment is not merely a transactional move; it aims to enhance near-term cash flow, reinforcing Woodside’s capacity for continued investments and shareholder returns. Additionally, this action builds upon an Australian asset swap that Woodside announced back in December 2024. As the company reshapes its portfolio, the focus is to simplify operations significantly.
Woodside’s CEO, Meg O’Neill, highlighted the role of the Trinidad and Tobago government in developing the Greater Angostura assets, stating, “The development of Greater Angostura was made possible by the support of the Government of Trinidad and Tobago,” emphasizing the significant economic contributions made by this project to the local economy, including approximately $2 billion in taxes paid by Woodside over two decades and over $1 billion invested in capital developments.
O’Neill noted that the Greater Angostura field accounts for about 12% of the nation’s gas supply and praised the dedicated employees working in the region. She assured that these operations would persist under Perenco’s management post-acquisition and emphasized that their commitment to safety and reliability would remain unchanged.
The planned transaction is set to conclude in the third quarter of 2025, with an effective date of January 1, 2025, pending regulatory and joint venture approvals typical for such agreements. Until the close, Woodside will continue to manage the Greater Angostura assets, after which Perenco will take over both ownership and operational responsibilities.
Additionally, the deal stipulates that Perenco will assume all restoration duties linked to the acquired assets. Most employees currently with Woodside in Trinidad and Tobago are anticipated to be transferred to Perenco following the transaction’s closure. It is crucial to note that this sale excludes the deepwater Calypso field, where Woodside plans to maintain collaboration with the Trinidad and Tobago government and joint venture partners to advance their developments.
In summary, Woodside’s strategic divestment of its Greater Angostura assets to Perenco for $206 million is intended to improve cash flow while optimizing its asset portfolio. The deal underscores a disciplined approach to management and is expected to bolster shareholder returns, all while ensuring a smooth transition for employees and ongoing collaboration regarding other assets. Approval processes are set to wrap up by early 2025, positioning Woodside for enhanced operational focus moving forward.
Original Source: worldoil.com
