– ExxonMobil could invest up to USD 21.7 billion in Trinidad and Tobago following the award of a major deepwater exploration area, Reuters reported on Tuesday, citing energy minister Roodal Moonilal.
The awarded acreage, located northwest of Guyana’s prolific Stabroek block, is larger than Trinidad and Tobago’s landmass. The production-sharing contract marks ExxonMobil’s return to the country after a 20-year absence.
Initial exploration will require USD 42 million for 3D-seismic acquisition and up to two exploration wells, with drilling expected to begin in six months following survey completion.
“This is still frontier exploration, [but] it has great potential in this ultra deepwater area,” ExxonMobil vice-president of global exploration John Ardill said.
The company holds a 100% interest in the block and aims to replicate its exploration success in Guyana, where its consortium has confirmed more than 11 billion barrels of recoverable hydrocarbons.
Existing oil and gas infrastructure in Trinidad could accelerate project timelines. Ardill said ExxonMobil plans to use shared equipment and resources between its operations in Guyana and Trinidad and Tobago.
Prime Minister Kamla Persad has pledged that Trinidad and Tobago will revise its fiscal terms to attract further investment. “Trinidad will not wait for the end of any energy era. Our principle is simple: investment goes where it is welcomed and stays where it is well treated,” she said.
ExxonMobil exited Trinidad and Tobago in the early 2000s after previous shallow-water exploration yielded limited results. Its return under a new ultra deepwater framework follows years of regional success and improved understanding of Caribbean geology.
Today, the company’s primary operations in the Caribbean are offshore Guyana, where it has developed multiple deepwater discoveries through FPSO units. The Trinidad award significantly expands its regional deepwater footprint.