ExxonMobil has initiated discussions with the Government of Trinidad and Tobago to potentially explore for oil and gas in up to seven deep-water blocks off the east coast, reported Reuters, citing sources.
This move marks the company’s potential return to the Caribbean nation after leaving more than two decades ago.
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The company ceased operations in Trinidad and Tobago in 2003 following an unsuccessful exploration attempt.
The areas of interest for Exxon lie to the north of its highly productive Stabroek block in Guyana, one of the fastest-growing oil production regions globally.
Together with partners Hess and CNOOC, Exxon has discovered more than 11 billion barrels of recoverable oil and gas resources in Stabroek.
The partners are planning to produce nearly 900,000 barrels per day (bpd) of light sweet crude later this year.
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By GlobalDataTrinidad and Tobago’s Energy Minister, Roodlal Moonilal, mentioned that the country is engaging with several leading oil and gas corporations.
“We are in discussions with major players to ramp up exploration and production within and outside of bid rounds,” Moonilal stated, opting not to reveal any specific names.
Exxon has declined to comment on the ongoing discussions, stating that it does not respond to rumours or speculation, the report said.
Under the leadership of Prime Minister Kamla Persad-Bissessar, Trinidad is aiming to attract fresh investments, particularly in offshore ventures, to bolster gas production essential for the nation’s liquefied natural gas (LNG) and petrochemical sectors.
Trinidadian legislation permits the government to negotiate on exploration and production areas individually if they are not part of a competitive bidding process.
While the country is currently conducting a deep-water auction, set to conclude on 17 September, the blocks Exxon is interested in are not included in this auction.
If the negotiations between Exxon and Trinidad culminate in an agreement, Exxon could potentially secure nearly all the available ultra-deep-water blocks that remain unlicensed.
The recent significant discoveries in the Guyana-Suriname basin have sparked renewed interest in Trinidad’s deep-water potential, as highlighted by the energy minister at a conference in early July.
Moonilal hinted at the ongoing talks, suggesting that Trinidad is open to considering proposals outside of the auction process.
Furthermore, ExxonMobil is said to be in discussions to re-enter the oil sector in Iraq.
This comes approximately one year after the corporation exited one of the major oil-producing sites in the country.
ExxonMobil halted its activities at the West Qurna 1 field in the south of Iraq in 2024, passing on its operational duties to PetroChina, which currently holds the leading share.
