Trinidad and Tobago has signed a Production Sharing Contract for the TTUD-1 Block with ExxonMobil Trinidad and Tobago Limited and Occidental Petroleum (Oxy), moving forward with one of the country’s largest ultra-deepwater exploration areas.
The contract was signed on Monday, June 8, 2026, by Minister of Energy and Energy Industries Dr. Roodal Moonilal at the Ministry’s Head Office, International Waterfront Complex, Port of Spain. The Ministry said the signing marked “a significant milestone in the advancement of Trinidad and Tobago’s upstream energy sector.”
Moonilal was joined by Ernesto Kesar, Minister in the Ministry of Energy Industries; Acting Permanent Secretaries Karinsa Tulsie and Ava Mahabir-Dass; and representatives of ExxonMobil and Oxy. The company officials included ExxonMobil South America Exploration Manager Paul Riley, Oxy Vice President of International Exploration Pedro Romero, and ExxonMobil Business Development Manager Gboyega Ayeni.
The TTUD-1 Block, or Trinidad and Tobago Ultra Deep One, is located in the country’s eastern deepwater area. It was formed through the merger of seven former blocks: 17, 18, 19, 20, 21, 22 and 23.
The acreage covers 7,165 square kilometers. That makes it larger than Trinidad and Tobago’s land area of 5,128 square kilometers. The block sits in water depths greater than 2,000 meters.
The PSC was awarded through direct negotiations between ExxonMobil and the Ministry of Energy and Energy Industries. The award was endorsed by the Cabinet.
The signing follows Prime Minister Kamla Persad-Bissessar’s announcement at the opening of Trinidad’s Parliament last Friday.
The Ministry said discussions after the signing built on the companies’ recent engagement with the Prime Minister in May. The talks focused on “ongoing projects, future investment opportunities, and efforts to sustain momentum in exploration and production activities.”
The TTUD-1 area is considered a key target for hydrocarbon exploration. Exxon has noted that nearby deepwater blocks hold significant volumes of gas. The twin-island nation is also thought to have undiscovered oil potential estimated at billions of barrels.
TTUD-1 is considered geologically significant because it has been compared with other deepwater petroleum provinces, including the Guyana-Suriname Basin, Ghana’s Tano Basin and Nigeria’s ultra-deepwater areas.
Under the first phase of the work program, 5,500 square kilometers of 3D seismic data must be acquired within 12 months. Geological and geophysical studies will also be carried out.
The second and third phases are optional. Each includes the drilling of one exploration well.
The first phase carries financial commitments valued at US$12.8 million, or about TT$87 million. These include administrative charges, minimum payments, training contributions, research and development, technical assistance, equipment, bonuses and scholarships.
Potential investment could reach up to US$21.7 billion if exploration leads to successful development.
