Exxon Is Almost Done Scanning Trinidad’s Deepwater for a $21 Billion Oil Bet
Energy
Key Facts
—The progress. Trinidad deepwater exploration advanced as ExxonMobil said it had nearly finished a huge seismic survey on Block TTUD-1.
—The update. The news came in a July 7 letter from Exxon’s local unit to the energy minister.
—The scale. The survey covers about 6,000 square kilometres, an area larger than the island of Trinidad itself.
—The stakes. Should commercial finds emerge, total investment could reach $16.4 billion to $21.7 billion.
—The partner. US firm Occidental has taken a 10 percent stake, leaving ExxonMobil as operator with 90 percent.
ExxonMobil is closing in on a key milestone in Trinidad and Tobago’s Trinidad deepwater gamble, telling the government it has nearly finished a vast seismic survey that will decide whether one of the Caribbean’s biggest energy bets pays off.
The update came in a July 7 letter from the head of Exxon’s local deepwater unit to the energy minister. It describes a fast-moving exploration programme on Block TTUD-1, off Trinidad’s east coast.
For a foreign investor, the size of the prize is what stands out. This is a multi-billion-dollar wager on an unproven but potentially huge patch of ocean floor.
Where the Trinidad deepwater survey stands
The seismic work is all but done. Officials said acquisition was around eighty-five percent complete in early June, with the full survey due to wrap up by late July.
The scale is striking. The survey spans roughly six thousand square kilometres in water two to three kilometres deep, an area bigger than the island of Trinidad itself.
What comes next is interpretation. Exxon will spend the rest of the year reading the data before deciding whether the geology justifies drilling exploration wells.
The block is no minnow. It bundles seven former areas into one ultra-deepwater tract of more than seven thousand square kilometres, with Exxon holding a ninety percent operating stake.
Why the Trinidad deepwater bet matters
The money at stake is large. The first seismic phase alone costs around forty-two million dollars, but a commercial discovery could pull in total investment of sixteen to twenty-two billion dollars.
The context is decline. Trinidad’s mature oil and gas fields are fading, and with them the gas that feeds its large petrochemical and export industries.
Deepwater is the country’s main hope of reversing that. A big find could refill the pipeline of gas and revive an economy long built on energy.
The geography adds intrigue. The block sits northwest of Guyana’s Stabroek block, where Exxon has made more than forty discoveries, raising hopes that similar riches lie nearby.
A note of caution is fair. Seismic promise is not oil in a well, and only drilling, still months away at best, will show whether the bet comes good.
The pace has been unusual. Exxon signed its production-sharing contract only in August 2025 and launched one of Trinidad’s largest-ever seismic programmes within six months, helped by fast-tracked permits.
Officials frame the block as a catalyst. They argue success here could unlock exploration in neighbouring blocks and draw fresh investment into the country’s ultra-deepwater frontier.
The arrival of Occidental adds weight. The Houston-based firm’s decision to farm in is read locally as a second major vote of confidence in the acreage’s potential.
For the government, the timing is welcome. The new administration has made reviving the energy sector a priority, and a marquee project moving quickly gives it something concrete to point to.
The move fits Exxon’s wider strategy. The company has leaned hard into deepwater exploration across the Americas, and Trinidad extends a frontier that runs from Guyana down through the region’s Atlantic margin.
How far has the Trinidad deepwater survey got?
ExxonMobil says it has nearly completed the first seismic survey on Block TTUD-1, which was about eighty-five percent done in early June and due to finish by late July. Interpretation of the data is expected to run through the end of 2026 before any drilling decision.
How much could the Trinidad deepwater project be worth?
The first seismic phase costs about forty-two million dollars, but if commercial discoveries are made, total investment could range from roughly sixteen point four billion to more than twenty-one point seven billion dollars, according to government estimates.
Why is Trinidad deepwater exploration so important?
Trinidad’s established oil and gas fields are in natural decline, threatening the gas supply that feeds its petrochemical and export industries. Large deepwater discoveries are the country’s main hope of sustaining that sector and its energy-based economy.
LatAm Markets: Live Signals → — real-time movers, turnover leaders and FX across Latin America.
Read More from The Rio Times