Trinidad and Tobago and ExxonMobil Sign New Exploration Agreement

---

Written by Amir Richani for Industrial Info Resources (Sugar Land, Texas)--Trinidad and Tobago's government has signed a deal with Exxon Mobil Corporation (Spring, Texas) for the exploration of the nation's Ultra Deep 1 zone, which covers an area of over 7,000 square kilometers (2,700 square miles), larger than the size of the country.

The exploration area lies in waters at a depth between 2,000 and 3,000 meters, where the U.S. company will hold 100% of the interests, and will operate under a production-sharing contract.

The discovery of hydrocarbons in the block could lead to investments of US$21.7 billion, according to information shared by Trinidad and Tobago Energy Minister Roodal Moonilat.

"The ultradeep marine area represents the country's best prospects for its hydrocarbon resources," said Moonilat during the signing of the agreement.

ExxonMobil is not alone in its efforts to develop assets in Trinidad and Tobago. BP (London, England) has also launched new exploration and production efforts in the country, with two assets starting operations in 2025 and another two projected for 2027. Shell plc (London) and Repsol S.A. (Madrid, Spain) also have stakes in projects in the country.

Increasing interest in Trinidad and Tobago has followed announcements and discoveries from its neighbouring countries as companies hope to find similar resources.

At the same time, discoveries in ultradeep waters in other parts of the world also offer some hope for Trinidad and Tobago and ExxonMobil.

During phase I of exploration, ExxonMobil will begin seismic exploration and drill at least two exploration wells, with the first one expected six months after the seismic phase.

Last year, Trinidad and Tobago produced 50,854 barrels of oil per day (BBL/d) and 2.539 billion standard cubic feet per day (bscf/d) of natural gas.

Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking more than 200,000 current and future projects worth $17.8 Trillion (USD).