Trinidad and Tobago’s Minister of Energy and Energy Industries, Roodal Moonilal, today announced the signing of a “historic” Production Sharing Contract (PSC) with global giant ExxonMobil for an offshore deepwater block larger than the nation’s landmass.
This marks the company’s return to the Twin-Island Republic after 22 years.
The Ultra-Deep 1 Block spans 7,765 square kilometers in the Eastern Tobago Basin, in water depths exceeding 2,000 meters. By comparison, Trinidad and Tobago’s total surface area is about 5,128 square kilometers. “What we are viewing today is larger than the surface area of the country,” Moonilal said at the signing in Port of Spain.
The deal, concluded through direct negotiations approved by Cabinet in December 2024, consolidates six former deepwater acreage designations — TTDAA 28, 29, 30, 31, 32 and 33 — that previously went unawarded. Moonilal described the area as “the country’s best prospect for the recovery of substantial hydrocarbon resources” and estimated that, if commercially successful, investment could reach US$21.77 billion.
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Under the PSC, Exxon will carry out seismic acquisition within 12 months, followed by geological and geophysical studies, and drill at least one exploration well in the first phase. Pre-production commitments include US$12.8 million in administrative fees, training and research contributions, technical assistance, and equipment bonuses, Moonilall explained.
Speaking on behalf of ExxonMobil, Vice President and Head of Global Exploration, John Ardill, said the company will leverage its “experience in exploring and developing new oil and gas resources” from Guyana to accelerate progress in Trinidad and Tobago. “Our plan and my commitment here is to bring that experience to the benefit of the people of Trinidad and Tobago, and we see great potential to replicate here,” he stated.
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Ardill pointed to Exxon’s Guyana operations — which began in 2015 and now produce over 600,000 barrels per day — as proof of what strong partnerships can achieve. “This is the right time. We’re going to bring excellent technology and capability directly from Guyana, leverage our presence, rigs, and development concepts, and move at pace,” he said, noting that seismic work for the new block will begin within six months.
Moonilal said the agreement signals “a new chapter” for the nation’s oil and gas industry as it seeks to tap underexplored deepwater acreage to offset declines in mature fields. He added that partnering with “one of the most active drillers on the planet” reflects renewed international confidence in the Tobago Basin’s potential.
The signing was witnessed by Prime Minister Kamla Persad-Bissessar, who praised the agreement as a landmark step in strengthening the nation’s energy security and economic resilience.
“This agreement for the next phase of our energy future comes at a time when global headwinds may rise beyond our control, but our domestic energy sector will remain steady in experienced hands and with the will to deliver for the people of Trinidad and Tobago. What we begin today will light opportunity in every home, she said.
“By unlocking these deepwater resources, we are not only securing our nation’s energy future but also creating opportunities for our people in jobs, training, and innovation. This is about building resilience and prosperity for generations to come,” the PM added.
