Last Updated on Tuesday, 12 August 2025, 19:37 by Writer
ExxonMobil on Tuesday inked a production sharing contract (PSC) to explore for hydrocarbons in ultra deep waters offshore Trinidad and Tobago (T&T), saying it would draw on its experiences in Guyana where that supermajor first discovered oil in commercial quantities.
“Our plan and my commitment here is to bring that experience to benefit the people of Trinidad and Tobago, and we see great potential to replicate the Guyana success here,” ExxonMobil Vice President of Global Exploration, John Ardill said at the signing of the contract.
Mr Ardill said over the next 12 months, the American supermajor would be conducting a 3D seismic survey. Energy Minister Roodal Moonilal said that that would be complemented by geological and geophysical studies that “will be essential to reducing geological risk.” The survey would be shot in an area of 5,500 square kilometres. “ExxonMobil has really learned a lot about the Caribbean offshore geology, and that’s what positions us to move very quickly,” he added.
He also said ExxonMobil’s operations in Guyana would play an important role in its ultra-deepwater exploration and possibly production. “We’re going to bring ExxonMobil’s leading technology capability directly from Guyana. We’ll leverage our presence, rigs, development concepts and pace. And if you benchmark Guyana, by far the leading deepwater development in the world in terms of both scale and pace, so we’re well positioned together, and all of this comes back to the people of Trinidad and Tobago. That’s why we’re here, and we want to build on that rich history and open up the deep water,” he said.
T&T’s Prime Minister Kamla Persad-Bissessar said if the American supermajor finds oil in the 7,165 square kilometer area with a water depth of 2,000 meters, the company could invest between US$16.4 and US$21.7 billion in a project development.
With Guyana now being the fastest growing economy in the world since the discovery of oil and subsequent commercial production, Mr Ardill credited the infrastructural developments, jobs and the local economy to the hydrocarbon sector accompanied by a friendly investment climate. “Most importantly, that pace and success is underpinned by the strong partnership with the Government of Guyana, which sets a great example with the right partnership, which we have established here (Trinidad and Tobago) very quickly over the last six months,” the ExxonMobil official said.
ExxonMobil was handpicked for the ultra-deepwater project in T&T through direct negotiations, according to law, instead of a competitive bid round.
The T&T Prime Minister said her government was not about to cede its competitive advantage in the oil and gas sector but would aim to do so by reducing emissions. For his part, the ExxonMobil Vice President remarked that his company has an important role in providing affordable and reliable energy, and most importantly, to do so responsibly. In that regard, he said between now and 2030 Exxon will reduce upstream greenhouse gas emissions by 40 percent to 50 percent.
