ExxonMobil’s latest offshore campaign in Trinidad and Tobago could yield over US$20 billion in new investment opportunities, according to an analysis published by Rystad Energy on November 6.
The firm said the U.S. oil major is targeting one of the Caribbean’s least-explored ultra-deepwater frontiers with a proven exploration model that has delivered transformative results elsewhere.
Rystad Energy explained that ExxonMobil, “aims to replicate the exploration approach that identified over 13 billion barrels of recoverable resources in Guyana’s Stabroek Block.” The consultancy noted that this strategy underscores Exxon’s confidence in frontier basins and the long-term profitability of deepwater oil.
Two oil nations, one engineering crisis: Guyana short, Trinidad shrinking – OilNOW
“If new discoveries are made, the company could invest more than $20 billion,” Rystad Energy stated.
The 7,765 square-kilometer concession, located in the Eastern Tobago Basin in water depths exceeding 2,000 meters, consolidates six acreage areas that previously went unawarded.
The production sharing contract marked Exxon’s return to Trinidad after a 22-year absence. For Trinidad, success would provide a badly needed boost. Years of declining gas production have strained the foundations of its economy, which is built on natural gas for power, industry and exports.
