BP plc (NYSE: BP) has agreed to acquire Woodside Energy's 70% interest in Block TTDAA 14, known as the Calypso gas project, located offshore Trinidad and Tobago. The acquisition would increase BP's stake in the project to 100% and transfer operatorship to the company.

Calypso is an early-stage deepwater natural gas project. BP currently holds a 45% stake in the Atlantic LNG facility off Trinidad's southwest coast and is described as the largest supplier of gas to the domestic market in Trinidad and Tobago.

The transaction is expected to close by the end of 2026, pending approval from the government and regulators. Financial terms of the deal were not disclosed in the announcement.