Woodside to divest Greater Angostura assets to Perenco for $206m
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The news: Oil giant Woodside Energy has agreed to sell its Greater Angostura assets in Trinidad and Tobago to Anglo-French oil and gas group Perenco for $206 million.
The numbers: The Greater Angostura field produces around 12% of Trinidad and Tobago's gas supply. Woodside said it has invested over $1 billion in major capital shallow water developments there over the past two decades.
The context: The divestment includes Woodside's interest in the shallow water Angostura and Ruby offshore oil and gas fields, associated production facilities and the onshore terminal.
Woodside said the sale provides near-term cash flow to support ongoing investments and shareholder distributions. It also builds in the Australian asset swap, announced in December, as part of the group's plans to simplify its portfolio.
The deal is expected to close in the third quarter of 2025 with an effective data of 1 January 2025. Woodside will continue to operate the Greater Angostura assets until then.
What they said: "The divestment accelerates the realisation of value from Greater Angostura and proceeds from the sale will be used to support ongoing investment in core priorities across Woodside's portfolio," said CEO Meg O'Neill.
The source: ASX
