Wedoany.com Report-Aug. 14, ExxonMobil, a Texas-based energy company, has entered into an agreement to explore for oil and gas off the coast of Trinidad and Tobago. The deal, signed on August 12, 2025, involves a 7,165-square-kilometer block named TTUD-1, located approximately 190 miles (306 kilometers) offshore in the Caribbean Sea. This marks ExxonMobil’s first major exploration effort in the region since its significant discovery of over 11 billion barrels of crude in Guyana in 2015.

Under the production sharing contract, ExxonMobil will acquire 3D seismic data over a portion of the TTUD-1 block. Prime Minister Kamla Persad-Bissessar stated: “The ‘mandatory’ first phase is expected to cost the company $42.5 million.” If oil or gas is discovered in this ultra-deepwater block, Trinidad and Tobago’s Energy Minister, Roodal Moonilal, noted that ExxonMobil’s investment could exceed $20 billion.

John Ardill, ExxonMobil’s vice president for exploration, commented: “We’re going to bring Exxon Mobil’s leading technology capability directly from Guyana.” The company plans to leverage its advanced exploration technologies, honed in Guyana, to enhance the efficiency and success of this project.

The initiative aims to position Trinidad and Tobago as a leading energy hub in the Caribbean. Prime Minister Persad-Bissessar emphasized: “The aim is to make Trinidad and Tobago the ‘energy capital’ of the Caribbean once again.” To support this goal, the government is streamlining processes for awarding exploration acreages, reviewing the oil and gas taxation framework, and promoting responsible exploration of both land and marine resources to maintain the country’s competitiveness in the global energy market.

To mitigate exploration risks, Trinidad and Tobago consolidated seven smaller blocks into the single TTUD-1 block during negotiations with ExxonMobil. The Energy Chamber of Trinidad and Tobago stated: “Consolidation of the blocks removes risk in both exploration and development of the block.” This strategic move is designed to enhance the project’s viability and attract further investment.

The TTUD-1 exploration project aligns with Trinidad and Tobago’s efforts to bolster its energy sector while leveraging ExxonMobil’s expertise in deepwater exploration. The initiative is expected to contribute to sustainable economic growth by fostering job creation and strengthening the nation’s position in the global hydrocarbon industry.