BP PLC has agreed to acquire Woodside Energy Group's 70% stake in the Calypso natural gas project offshore Trinidad and Tobago, securing complete ownership of the venture. The London-based energy giant stated that the transaction for the TTDAA Block 14, known as Calypso, will increase its stake to 100%. The financial terms of the deal were not disclosed.

Calypso is an early-stage deepwater natural gas project located off the coast of Trinidad and Tobago. BP PLC also holds a 45% equity interest in the Atlantic LNG facility near the country's southwestern shore. The transaction is expected to close by the end of 2026, pending approvals from government and regulatory authorities.

In European afternoon trading, BP PLC shares rose 6.3 pence, or 1.2%, to 521.20 pence. The stock has gained 20% so far this year.