In a strategic divestment move, Australian energy heavyweight Woodside announced Friday that it will sell its Greater Angostura assets in Trinidad and Tobago to British independent hydrocarbon producer Perenco for $206 million.

The deal encompasses Woodside’s stakes in the shallow-water Angostura and Ruby offshore oil and gas fields, their associated production infrastructure, and onshore terminals. According to Woodside’s statement, the transaction is set to bolster the company’s broader investment strategy while maintaining energy production in the Caribbean nation.

Unlocking Value from Two Decades of Operations

"Greater Angostura has been a valuable contributor to Trinidad and Tobago’s economy, fostering both economic and community development. Over the past two decades, Woodside has contributed more than $2 billion in taxes to the country and invested over $1 billion in major capital projects," said Woodside CEO Meg O’Neill.

She emphasized that the sale allows the company to accelerate value realization from the assets, with proceeds directed toward Woodside’s core priorities. O’Neill also acknowledged the Trinidad and Tobago government’s crucial role in facilitating Greater Angostura’s success.

Perenco Strengthens Its Position in the Region

With this acquisition, Perenco will assume ownership and operational control of the assets, expanding its footprint in Trinidad and Tobago’s hydrocarbon sector.

"We are delighted to further expand our portfolio in Trinidad and Tobago," Perenco CEO Armel Simondin said in a separate statement. He noted that Perenco had successfully transitioned operatorship of the CAFI perimeter in late 2024 and intends to apply the same expertise to safeguarding Greater Angostura’s gas production.

Simondin also welcomed the incoming transferring employees, underscoring Perenco’s commitment to a smooth transition and future collaboration.

Timeline and Closing Conditions

Woodside will continue operating the Greater Angostura assets until the transaction’s completion, which is expected in the third quarter of 2025, pending customary regulatory approvals and closing conditions.

Legal Representation

Counsel information for the transaction was not immediately available Friday.