Woodside Energy Group Ltd. has completed the sale of its producing oil and gas assets in Greater Angostura in Trinidad and Tobago to Perenco Group for AUD 206 million ($135.18 million).
Perenco’s acquisition included the Australian exploration and production company’s operating stakes in the shallow-water Angostura and Ruby oil and gas fields, which produce about 300 million standard cubic feet a day (MMscfd) of gas or around 12 percent of the Caribbean country’s national gas production, according to Perenco. The acquisition also included seven fixed platforms, subsea facilities and an onshore terminal.
Anglo-French explorer and producer Perenco now owns 45 percent of Angostura in Block 2(c) and 68.46 percent in Ruby in Block 3(a). In Angostura, the National Gas Company of Trinidad and Tobago holds a 30 percent stake, while Chaoyang Petroleum (Trinidad) Block 2C Ltd. owns 25 percent. In Ruby, National Gas owns the remaining 31.54 percent.
“Following this acquisition Perenco’s operations in Trinidad and Tobago will have a gross gas production base of more than 500 mmscfd as well as a gross oil production of more than 10,000 bopd, that can both benefit from significant operational synergies, boost value and enable further investment”, Perenco said in an online statement.
Perenco already produces hydrocarbons in the country through its operated Teak, Samaa and Poui fields, acquired 2016, and the Cashima, Amherstia, Flamboyant and Immortelle fields, acquired 2024.
“We are confident that our specific skill in mature field assets and marginal resources will secure long-lasting production from the Angostura asset, while prioritizing the safety of our people and environmental sustainability”, Perenco chief executive Armel Simondin said. “We are pleased to welcome our new colleagues to the Perenco family”.
In its announcement of the transaction last March, Woodside said most of its employees based in Trinidad and Tobago would be transferred to Perenco.
The divestment aimed to generate cash to support ongoing investment and shareholder remuneration.
“As a result of operations over the past two decades, Woodside has paid more than AUD 2 billion in taxes to Trinidad and Tobago and invested over AUD 1 billion in major capital shallow water developments”, Woodside chief executive Meg O’Neill said then.
“This transaction is another demonstration of Woodside’s disciplined approach to portfolio management and optimization, aimed at delivering sustainable returns to shareholders over the long term”, O’Neill added.
Woodside said at the time, “The transaction does not include the deepwater Calypso field. Woodside will continue to work with the Government of Trinidad and Tobago and our joint venture partner to progress the Calypso opportunity”.
To contact the author, email jov.onsat@rigzone.com
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