ExxonMobil has signed a major agreement to explore one of Trinidad and Tobago’s most promising ultra-deepwater areas—here’s everything you need to know about the deal.
- Block Name: Trinidad and Tobago Ultra Deep One (merger of seven former blocks: 17, 18, 19, 20, 21, 22, 23)
- Location: Eastern deepwater area of Trinidad and Tobago
- Water Depths: Greater than 2,000 meters
- Area: 7,165 km² (larger than Trinidad and Tobago’s land area of 5,128 km²)
- Award Method: Direct negotiations between ExxonMobil and the Ministry of Energy, endorsed by Cabinet
- Previous Exploration:
- Area has seen success with prior discoveries by BHP Billiton/Woodside, BB, and Shell
- Gas reserves in nearby northeast deepwater blocks estimated at 3.5 trillion cubic feet
- Area has seen success with prior discoveries by BHP Billiton/Woodside, BB, and Shell
- Geological Significance:
- Comparable to Guyana’s Serena Basin, Ghana’s Tano Basin, and Nigeria’s ultra-deep waters
- Ultra-deep area considered prime target for hydrocarbon exploration
- Potential undiscovered oil in Trinidad and Tobago estimated at 5 billion barrels
- Comparable to Guyana’s Serena Basin, Ghana’s Tano Basin, and Nigeria’s ultra-deep waters
- Exploration Work Program:
- Phase 1: Acquisition of 5,500 km² of 3D seismic data within 12 months of contract
- Complementary geological and geophysical studies
- Drilling of two exploration wells (one in each optional second and third phases)
- Phase 1: Acquisition of 5,500 km² of 3D seismic data within 12 months of contract
- Financial Commitments (Phase 1):
- Administrative charges, minimum payments, training contributions, research & development, technical assistance, equipment, bonuses, and scholarships
- Total value: US$12.8 million (~TT$87 million)
- Administrative charges, minimum payments, training contributions, research & development, technical assistance, equipment, bonuses, and scholarships
- Potential Investment: Up to US$21.7 billion if development proceeds successfully
- Strategic Importance:
- Marks renewed investor confidence in Trinidad and Tobago’s ultra-deepwater potential
- Reflects ExxonMobil’s global expertise and prior successes in deepwater projects (Guyana, Angola, Eastern Mediterranean)
- Marks renewed investor confidence in Trinidad and Tobago’s ultra-deepwater potential
- Next Steps:
- Completion of seismic acquisition and studies to reduce geological risk
- Drilling to validate hydrocarbon potential
- Deepwater bid round ongoing with 2,064 blocks on offer; deadline extended to September 17, 2025
- Completion of seismic acquisition and studies to reduce geological risk
