Occidental Petroleum is acquiring a 10% stake in Exxon Mobil’s deepwater exploration block offshore Trinidad and Tobago, according to two people familiar with the matter.
Exxon was previously the sole owner of the large offshore block, known as UD(1), which lies in water depths of 2,000 to 3,000 meters and was first acquired in August 2025. The sources did not know the value of the deal.
The U.S. major is conducting seismic surveys in the block, with data acquisition expected to be completed by the end of July, Exxon Vice President of Global Exploration John Ardill said this month at the Offshore Technology Conference in Houston. Interpretation of the data could be done by the end of 2026, he added.
The Trinidad acreage borders the Stabroek Block, where Exxon and its partners have made more than 30 discoveries, transforming Guyana into one of the world’s fastest-growing oil producers. Ardill previously told Reuters the block could hold potential comparable to Stabroek or deepwater assets offshore Angola.
Geological similarities between the two areas have fueled speculation that Trinidad’s deepwater could hold significant untapped resources, though exploration risk remains high at this early stage. The Caribbean country, whose oil and gas output has declined in recent years as mature fields have depleted, has been seeking new upstream opportunities to sustain production and support its liquefied natural gas sector.
Trinidad and Tobago’s energy ministry did not immediately respond to requests for comment. Exxon and Occidental also did not respond to requests for comment about the stake acquisition.
Last week, Exxon’s Trinidad country manager Paul Riley, business development manager Gboyega Ayeni, and Occidental’s Vice President of International Exploration Pedro Romero met with Trinidad and Tobago’s Prime Minister Kamla Persad-Bissessar and Energy Minister Roodal Moonilal, according to a statement from the country's energy ministry.
Exxon is expected to decide whether to drill an exploration well after reviewing seismic results, which could provide the first concrete indication of the block’s commercial potential.
(Reuters)