Trinidad: One of the largest publicly traded oil and gas companies, ExxonMobil is officially returning to the twin island nation after more than 22 Years. The expected spending budget of the company is US$42.5 million. The company has officially signed a landmark Production Sharing Contract (PSC) with the government of Trinidad and Tobago with the exploration plans for seven ultra-deep-water blocks off the east coast of Trinidad and Tobago.
The agreement was promoted by the Prime Minister Kamla Persad Bissessar saying it as a “momentous development” that will renew investor confidence in the country’s energy sector and it was officially signed on Tuesday, August 12, 2025.
The land area that has been allotted is the Block TT Ultra Deep-1 (TTUD-1), the area spans over more than 2,700 square miles (7,165 km²). The water is ranging from 2,000 to 3,000 meters deep. The vision and the scope is eventually making it one of the most ambitious exploration projects ever pursued in the Twin-Island Nation.
Under the initial stage, ExxonMobil will invest nearly around US$ 42.5 Million for their 3D seismic surveys and for the exploration project of two wells. As predicted by the company, if the exploration is successful and commercial discoveries are made, the development costs for the project can shoot up to between US$ 16.4 billion and US$ 21.7 billion.
PM Bissessar has also instructed the Ministry of Energy to give them full support, fast-tracking their explorations in the deep waters, shallow waters and onshore areas, and additionally reviewing oil and gas taxation and cutting red tape.
The deal is seen as a part of the Twin-Island nation’s strategy to reverse falling gas outputs and strengthen their position as a major liquefied natural gas exporter.
The main reason for the Government to sign the deal with ExxonMobil could be its rapid success growth in their neighbouring island nation Guyana, where it has discovered more than 11 billion barrels of oil since the year 2015.
