Reuters has reported that two sources have indicated that ExxonMobil has begun negotiations with the Trinidad and Tobago government to explore for oil and gas in up to seven deepwater blocks off the East Coast of the country.
The sources told Reuters that the areas Exxon is interested in are located north of the company's prolific Stabroek block in Guyana.
Exxon has been extremely successful in neighbouring Guyana discovering more than 11 billion barrels of recoverable oil and gas in the Stabroek block with partners CNOOC and Hess (who have just been purchased by Chevron). Exxon first discovered oil in Guyana in 2015 and began producing in 2019. Exxon has had over 30 discoveries offshore Guyana and the company projects that they will produce 900,000 barrels of oil per day by the end of this year and 1.2 million barrels of oil per day by 2027.
Reuters said that “According to Trinidad's laws, the government can individually negotiate areas for exploration and production if they are not included in a competitive bidding round.”
While T&T currently has a deepwater bidround open, Reuters claims that the blocks that Exxon are interested in are not on offer.
“If Exxon and Trinidad reach an agreement, the U.S. producer could acquire almost all the ultra deepwater blocks that remain unlicensed”, Reuters reports.
The Minister of Energy and Energy Industries, Hon. Dr. Roodal Moonilal subsequently confirmed that the government is in negotiations with oil and gas giant ExxonMobil
The Minister told Newsday “I can confirm that the Ministry of Energy and Energy Industries (MEEI) has ongoing talks with several of the leading global energy corporations with a view to repositioning Trinidad and Tobago as the energy hub of the Caribbean.”
“We are in discussions with major players to ramp up exploration and production within and outside of bid rounds,” he added.
He told Newsday ExxonMobil was not the only major oil and gas company to express interest in TT’s deep-water region..
Photo: https://corporate.exxonmobil.com/
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