ExxonMobil’s latest offshore exploration in Trinidad and Tobago could generate over US$20 billion in new investment, according to Rystad Energy.
The U.S. oil giant is targeting the Eastern Tobago Basin, one of the Caribbean’s least-explored ultra-deepwater areas, using a proven exploration model that previously uncovered more than 13 billion barrels in Guyana’s Stabroek Block.
The 7,765-square-kilometer concession, covering six previously unawarded blocks in waters over 2,000 meters deep, marks ExxonMobil’s return to Trinidad after 22 years.
Analysts say successful discoveries could provide a major boost to the country’s economy, which has been strained by declining natural gas production.
ExxonMobil’s move signals confidence in T&T’s deepwater potential and could transform the energy landscape in the years ahead.
(Photo credit – ExxonMobil)
