Trinidad Plans ExxonMobil Deepwater Awards After 20-Year Absence

The government of Trinidad and Tobago is set to award U.S. oil giant ExxonMobil seven ultra-deepwater exploration blocks located off the east coast of Trinidad, marking ExxonMobil's return to the country after a 20-year absence. These blocks, covering water depths of 2,000 to 3,000 meters and renamed Ultra Deep 1 (UD1), lie northwest of ExxonMobil's prolific Stabroek block in Guyana, where the company leads a consortium with significant oil discoveries. The deal, expected to be signed soon, is part of ExxonMobil's strategic focus on high-upside deepwater exploration amid global energy transition efforts. For Trinidad and Tobago, a top liquefied natural gas exporter, successful exploration could boost revenues and sustain its vital LNG sector. The move reflects broader industry trends of major energy firms investing in ultra-deepwater assets as conventional fields deplete, with ExxonMobil aiming to balance exploration with energy transition. Despite initial investor caution, a major find in Trinidad and Tobago could significantly impact ExxonMobil's production outlook and the region's energy landscape.