ExxonMobil Signs Deepwater Exploration Deal Near Trinidad, $21.7B Potential Investment

ExxonMobil has signed a production-sharing contract with Trinidad and Tobago to explore a large deepwater area off the country's east coast, covering more than 2,700 square miles. The U.S. energy major could invest up to $21.7 billion if significant oil and gas reserves are found, with initial exploration involving a $42 million investment for seismic surveys and drilling up to two exploration wells. ExxonMobil aims to replicate its rapid success in nearby Guyana, where oil production ramped up to around 650,000 barrels per day within a decade of discovery. Trinidad and Tobago's Prime Minister Kamla Persad-Bissessar emphasized that while the country will pursue energy development, it will also maintain oversight and efforts to reduce carbon emissions. The deal marks ExxonMobil's return to Trinidad after 20 years, and the company holds 100% interest in the awarded block, which is larger than the surface area of the country. Officials noted that Trinidad's existing oil and gas infrastructure could accelerate production if reserves are confirmed.