ExxonMobil is actively pursuing potential exploration and production deals in Trinidad and Tobago’s deep-water regions, signaling a potential major investment in the country’s offshore resources.
Minister of Energy Dr. Roodal Moonilal confirmed ongoing negotiations with the global energy giant, revealing discussions about exploring up to seven deep-water blocks off the country’s east coast. The talks come amid a strategic push to reposition Trinidad and Tobago as a premier energy hub in the Caribbean.
“We are in discussions with major players to ramp up exploration and production,” Dr. Moonilal told Newsday, emphasizing that ExxonMobil is not the only company expressing interest in the region’s untapped potential.
The negotiations follow a recent Suriname Gas conference where critical meetings between energy corporations and government representatives took place. The minister highlighted a “resurgence of investor confidence” in the country’s energy sector, aligned with Prime Minister Kamla Persad-Bissessar’s mandate to drive economic development.
Trinidad and Tobago is currently conducting a deep-water competitive bidding round, opened on January 27, with submissions extended to September 17. While the current bid round is ongoing, Reuters reports that the blocks of interest to ExxonMobil are not currently part of the offering.
If an agreement is reached, ExxonMobil could potentially acquire nearly all remaining unlicensed ultra-deep-water blocks, representing a transformative investment for the country’s energy infrastructure.
The minister emphasized the broader economic implications, noting the potential for “much-needed revenue, foreign exchange, and quality job generation” through these strategic energy partnerships.
