ExxonMobil believes the rapid development model it applied in Guyana could be replicated in Trinidad and Tobago if deepwater exploration proves successful, but only if the same foundational conditions are in place, according to Dr. Gboyega Ayeni.
Ayeni, Business Development Manager at ExxonMobil, outlined the company’s thinking during a presentation at the Trinidad and Tobago Energy Conference, which opened on January 26. His remarks focused on how ExxonMobil assesses speed, risk, and execution as it prepares to restart offshore exploration in Trinidad and Tobago.
When asked during a Q&A session following his presentation whether the “acceleration model” used in Guyana could be applied locally, Ayeni said three core enablers must hold, while cautioning that exploration outcomes are never guaranteed.
“The very first one is having the rights or an attractive investment environment,” Ayeni said.
ExxonMobil could unlock US$20 billion in Trinidad’s deepwater play – Rystad Energy | OilNOW
He explained that deepwater exploration carries an elevated level of uncertainty and requires commercial terms that justify committing enormous amounts of capital. “Deep water exploration in particular, is even riskier, less than 10% success rates,” Ayeni added. “There are not many businesses that people would invest in with that level of risk.”
Ayeni told the conference that fiscal stability, permitting certainty, and predictable commercial frameworks are essential to attracting sustained exploration spending. He said these elements were critical in Guyana and would be equally important in Trinidad and Tobago if ExxonMobil is to move quickly from data acquisition to potential drilling. The second enabler, he said, is strong partnerships across the value chain.
Drawing on ExxonMobil’s Guyana experience, he described a model built on close collaboration among joint venture partners, international suppliers, and local contractors. He said that the approach allowed the company to execute multiple projects in parallel while continuing to learn and improve execution speed. “In our offices, we have everybody, not just our own employees, we also have our contractors as well, working side by side,” he said.
Ayeni also pointed to Trinidad and Tobago’s service sector as a proven asset, noting that workforce capability and regional proximity played a vital role during Guyana’s early development phase. The third pillar Ayeni highlighted was the role of government.
He said governments shape the investment climate through policy, approvals, and permitting timelines, all of which influence whether exploration programs can advance at pace. Ayeni described Trinidad and Tobago’s recent permitting experience as encouraging, citing the speed at which ExxonMobil moved from signing a production sharing contract to mobilizing seismic operations.
“The ability to move from signing the PSC [Production Sharing Contract] in August and getting a seismic vessel in country in about five months and starting an acquisition in six months is, really, is a world-class example of how things should work,” he said.
Ayeni stressed that acceleration does not mean compromising safety or environmental performance. He said ExxonMobil’s experience shows that speed is only sustainable when supported by robust systems, technology, and clear operational discipline.
He pointed to ExxonMobil’s internal operational integrity systems and proprietary technologies as tools that allow the company to reduce subsurface uncertainty and manage complex developments while maintaining safety standards.
“If we have all these things in place, you know, speed is not, it’s not a risk, really,” Ayeni said. “It’s an outcome of getting all these elements in place.”
Exxon can’t promise another Guyana: Ardill on Trinidad deepwater plans | OilNOW
While expressing optimism about Trinidad and Tobago’s potential, Ayeni noted that deepwater exploration remains uncertain by nature. He said ExxonMobil is approaching the country as a re-entry, starting with seismic acquisition, followed by analysis and decision-making based strictly on data.
“If we succeed here, those elements are already in place here,” he said. “And bringing that together with the knowledge and all the learnings we’ve had in Guyana, can make us succeed here together.”
Ayeni made clear that ExxonMobil’s interest in Trinidad and Tobago is part of a broader Caribbean strategy that builds on Guyana’s scale while testing new opportunities across the region, with acceleration dependent not on ambition alone, but on alignment between investors, partners, and the State.
ExxonMobil was awarded the TTUD-1 Block last year and signed a production-sharing contract with the government of Trinidad and Tobago in August. The company is pursuing an accelerated work program.
Trinidad and Tobago has been seeking to revive offshore exploration, including in ultra-deepwater areas, as part of efforts to attract new investment and strengthen future oil and gas production.
Read more here: ExxonMobil Trinidad and Tobago Deepwater Block – Fact Sheet
