March 28, 2025 [Storage Terminals Magazine]- Woodside has entered into an agreement with Perenco to divest its Greater Angostura assets in Trinidad and Tobago for $206 million. The transaction includes Woodside’s interest in the shallow water Angostura and Ruby offshore oil and gas fields, along with associated production facilities and the onshore terminal.
The divestment provides near-term cash flow to support ongoing investments and shareholder distributions, while further simplifying Woodside’s portfolio. This follows the Australian asset swap announced in December 2024.
Woodside CEO Meg O’Neill acknowledged the Government of Trinidad and Tobago’s support in the development of Greater Angostura, which has been a significant contributor to the country’s economy. Over the past two decades, Woodside has paid more than $2 billion in taxes to Trinidad and Tobago and invested over $1 billion in major shallow water developments. The Greater Angostura field currently produces approximately 12 percent of the nation’s gas supply.
O’Neill highlighted that Woodside employees in Trinidad and Tobago have played a crucial role in maintaining safe and reliable operations, and their efforts will continue under Perenco’s stewardship. The transaction accelerates the realisation of value from Greater Angostura, with proceeds supporting core investment priorities across Woodside’s portfolio.
The deal underscores Woodside’s disciplined approach to portfolio management and optimisation, ensuring long-term sustainable returns for shareholders.
Transaction Details
The transaction is expected to close in the third quarter of 2025, with an effective date of 1 January 2025. Completion is subject to customary conditions precedent, including joint venture, government, and regulatory approvals.
Woodside will continue to operate the Greater Angostura assets until the transaction closes, after which ownership and operatorship will transfer to Perenco. As part of the agreement, Perenco will assume responsibility for all restoration obligations related to the assets. Additionally, most of Woodside’s employees in Trinidad and Tobago are expected to transition to Perenco following completion of the sale.
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