Peren­co has be­come a ma­jor oil and gas pro­duc­er in T&T fol­low­ing ac­qui­si­tion of as­sets from Wood­side en­er­gy.

In a news re­lease is­sued yes­ter­day, Peren­co said it com­plet­ed the ac­qui­si­tion of Wood­side En­er­gy’s Greater An­gos­tu­ra pro­duc­ing oil and gas as­sets and as­so­ci­at­ed pro­duc­tion fa­cil­i­ties in T&T.

The deal, com­bines these as­sets with Peren­co’s ex­ist­ing op­er­a­tion of the Teak, Samaan and Poui (TSP) fields and Cashima, Amher­s­tia, Flam­boy­ant and Im­mortelle (CAFI) fields.

The Greater An­gos­tu­ra field pro­duces ap­prox­i­mate­ly 12 per cent of T&T’s gas sup­ply.

In a news re­lease on March 28, 2025, Wood­side En­er­gy said it had en­tered an agree­ment with Peren­co to di­vest its Greater An­gos­tu­ra as­sets for US$206 mil­lion. 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.

But Wood­side En­er­gy said the trans­ac­tion does not in­clude the deep­wa­ter Ca­lyp­so field and that the Aus­tralian com­pa­ny will con­tin­ue to work with the Gov­ern­ment of T&T and its joint ven­ture part­ner to progress the Ca­lyp­so op­por­tu­ni­ty.

In its March news re­lease, Wood­side said the trans­ac­tion was ex­pect­ed to close in the third quar­ter of 2025 with an ef­fec­tive date of Jan­u­ary 1, 2025.

Armel Si­mondin, Peren­co’s CEO, said yes­ter­day the ac­qui­si­tion was an ex­cit­ing, promis­ing ad­di­tion to the com­pa­ny’s acreage in this coun­try.

He added that it showed con­tin­ued com­mit­ment and am­bi­tion to­wards de­vel­op­ing en­er­gy re­sources and con­tribut­ing to­wards the coun­try’s eco­nom­ic growth, not­ing that this mile­stone would in­crease gross pro­duc­tion lev­els in ex­cess of 100,000 boepd and al­lows to fur­ther strength­en part­ner­ship with the Gov­ern­ment.

The Peren­co CEO added, “We are con­fi­dent that our spe­cif­ic skill in ma­ture field as­sets and mar­gin­al re­sources will se­cure long-last­ing pro­duc­tion from the An­gos­tu­ra as­set, while pri­ori­tis­ing the safe­ty of our peo­ple and en­vi­ron­men­tal sus­tain­abil­i­ty.”

The En­er­gy Min­istry is­sued a re­lease fol­low­ing the news of the ac­qui­si­tion, stat­ing it wel­comed the com­ple­tion of Peren­co’s ac­qui­si­tion of some of Wood­side en­er­gy’s as­sets in T&T.

Dr Roodal Mooni­lal, Min­is­ter of En­er­gy and En­er­gy In­dus­tries, al­so con­grat­u­lat­ed Peren­co on the ac­qui­si­tion and said he looked for­ward to work­ing with them to in­crease the pro­duc­tion from all the acreage and as­sets un­der its con­trol.

In 2025, Peren­co T&T Ltd an­nounced the suc­cess­ful drilling of the Onyx well and side­track in the east­ern part of the Onyx field demon­strat­ing that

Peren­co’s cost man­age­ment phi­los­o­phy al­lows the com­pa­ny to ex­tend the life of ma­ture oil and gas reser­voirs en­abling pro­duc­tion in what would oth­er­wise be un­eco­nom­ic or strand­ed wells, the re­lease added.

In Sep­tem­ber 2024, bpTT an­nounced it had en­tered in­to an agree­ment with Peren­co T&T to sell its CAFI gas fields and as­so­ci­at­ed pro­duc­tion fa­cil­i­ties. That agree­ment in­clud­ed the un­de­vel­oped re­sources from the Parang field.