This sale encompasses Woodside’s stake in the shallow water Angostura and Ruby offshore oil and gas fields, along with the related production facilities and the onshore terminal.
This divestment is expected to generate immediate cash flow, which will aid in funding ongoing investments and shareholder returns, while also building on the asset exchange announced in December 2024, thereby further streamlining Woodside’s portfolio.
CEO Meg O’Neill highlighted that the development of Greater Angostura was made possible through the support of the Government of Trinidad and Tobago. She noted that the field has significantly contributed to the local economy, offering both economic and community benefits.
Over the past twenty years, Woodside has contributed more than $2 billion in taxes to Trinidad and Tobago and has invested over $1 billion in significant shallow water projects.
O’Neill stated, “The Greater Angostura field accounts for about 12% of Trinidad and Tobago’s gas supply. We take pride in our employees and their dedication to maintaining safe and reliable operations in the region, which will continue under Perenco’s management.”
The divestment is aimed at enhancing the value derived from Greater Angostura, with the proceeds being allocated to support ongoing investments in Woodside’s core priorities.
“This transaction exemplifies Woodside’s strategic approach to managing and optimizing its portfolio, focused on delivering sustainable long-term returns to shareholders.”
Details of the transaction indicate that it is anticipated to finalize in the third quarter of 2025, with an effective date of January 1, 2025. The completion is contingent upon standard conditions, including joint venture and governmental approvals.
SOURCE: World Oil