Latest news with #Tobago
Yahoo
6 days ago
- Business
- Yahoo
ExxonMobil negotiating with Trinidad and Tobago to explore seven deep-water blocks
ExxonMobil has initiated discussions with the Government of Trinidad and Tobago to potentially explore for oil and gas in up to seven deep-water blocks off the east coast, reported Reuters, citing sources. This move marks the company's potential return to the Caribbean nation after leaving more than two decades ago. The company ceased operations in Trinidad and Tobago in 2003 following an unsuccessful exploration attempt. The areas of interest for Exxon lie to the north of its highly productive Stabroek block in Guyana, one of the fastest-growing oil production regions globally. Together with partners Hess and CNOOC, Exxon has discovered more than 11 billion barrels of recoverable oil and gas resources in Stabroek. The partners are planning to produce nearly 900,000 barrels per day (bpd) of light sweet crude later this year. Trinidad and Tobago's Energy Minister, Roodlal Moonilal, mentioned that the country is engaging with several leading oil and gas corporations. 'We are in discussions with major players to ramp up exploration and production within and outside of bid rounds,' Moonilal stated, opting not to reveal any specific names. Exxon has declined to comment on the ongoing discussions, stating that it does not respond to rumours or speculation, the report said. Under the leadership of Prime Minister Kamla Persad-Bissessar, Trinidad is aiming to attract fresh investments, particularly in offshore ventures, to bolster gas production essential for the nation's liquefied natural gas (LNG) and petrochemical sectors. Trinidadian legislation permits the government to negotiate on exploration and production areas individually if they are not part of a competitive bidding process. While the country is currently conducting a deep-water auction, set to conclude on 17 September, the blocks Exxon is interested in are not included in this auction. If the negotiations between Exxon and Trinidad culminate in an agreement, Exxon could potentially secure nearly all the available ultra-deep-water blocks that remain unlicensed. The recent significant discoveries in the Guyana-Suriname basin have sparked renewed interest in Trinidad's deep-water potential, as highlighted by the energy minister at a conference in early July. Moonilal hinted at the ongoing talks, suggesting that Trinidad is open to considering proposals outside of the auction process. Furthermore, ExxonMobil is said to be in discussions to re-enter the oil sector in Iraq. This comes approximately one year after the corporation exited one of the major oil-producing sites in the country. ExxonMobil halted its activities at the West Qurna 1 field in the south of Iraq in 2024, passing on its operational duties to PetroChina, which currently holds the leading share. "ExxonMobil negotiating with Trinidad and Tobago to explore seven deep-water blocks" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Globe and Mail
7 days ago
- Business
- Globe and Mail
How Exxon (XOM) May Snag Seven Trinidad Blocks Without Bidding
Exxon Mobil (XOM) is in talks with Trinidad and Tobago to explore up to seven deepwater blocks off the country's east coast, marking a potential return two decades after it exited following failed drills. The acreage sits north of Guyana's Stabroek block—where Exxon, Hess (HES) and CNOOC have booked more than 11 billion barrels—and could extend the basin's prolific geology across the maritime border. Trinidad's new government wants fresh offshore investment to backstop its LNG and petrochemical complex after a Venezuela-linked gas project stalled. While a deepwater auction now closes Sept. 17 without Exxon's preferred tracts, law allows one-off negotiations for unauctioned areas—an opening Energy Minister Roodal Moonilal hinted at this month. Market Overview: Supermajors keep chasing Guyana-Suriname basin scale as legacy fields mature Trinidad seeks gas feedstock to sustain LNG capacity amid regional geopolitical snags Direct negotiations outside formal bid rounds highlight flexibility in smaller producers' licensing Key Points: Exxon is negotiating for seven ultra-deepwater blocks adjacent to Guyana's Stabroek Current Trinidad auction excludes those blocks, but statutes permit bespoke deals Hess remains Exxon's key U.S.-listed partner in Stabroek; CNOOC is state-owned China-listed Looking Ahead: A deal could give Exxon control of most remaining unlicensed ultra-deepwater acreage Success would redirect capital back to Trinidad after a 2003 exit and bolster LNG feedstock Regional discoveries will likely spur more cross-border JV talks and infrastructure sharing Bull Case: Exxon Mobil's potential return to Trinidad and Tobago's deepwater sector—adjacent to the prolific Guyana Stabroek block—gives it a shot at unlocking major new reserves in one of the world's hottest exploration frontiers, leveraging proven geological continuity across maritime borders. If negotiations succeed, Exxon could secure control of most remaining unlicensed ultra-deepwater acreage, preempting rivals and establishing a dominant regional footprint as Hess transitions into Chevron and competitive dynamics shift. Success would channel capital and expertise back to Trinidad after a 20-year absence, directly supporting the country's LNG and petrochemical infrastructure and providing a strategic hedge against Venezuela-related supply risks. The government's willingness to negotiate outside standard bid rounds indicates regulatory flexibility, enabling majors like Exxon to pursue high-impact tracts even when auctions misalign with exploration priorities. Any material discoveries would likely catalyze follow-on cross-border partnerships, JV infrastructure, and new LNG feedstock, potentially enhancing regional energy security and boosting Trinidad's global gas relevance. For investors, incremental Guyana-basin barrels bolster Exxon's resource base, offering upside that could counterbalance long-term energy transition headwinds and reinforce the company's growth narrative despite broader sector discipline. Bear Case: Despite attractive geology, Exxon's re-entry into Trinidad deepwater comes with substantial exploration risk, given its prior exit in 2003 following unsuccessful drilling—future wells remain unproven and capital commitments could be high with no guarantee of commercial discoveries. Heavy reliance on bespoke negotiations, rather than formal auctions, may expose Exxon to political and regulatory uncertainties—future governments could renegotiate terms or face pressure from local stakeholders if expectations are not met. Trinidad's urgent need for new offshore investment stems partly from stalled Venezuela-linked gas projects, underscoring regional instability and the potential for delays or further geopolitical snags affecting future developments. Even with a deal, monetizing discovered resources likely requires substantial infrastructure investment; success will depend on multi-party cooperation, regulatory clarity, and ongoing stability in LNG and global gas markets. The project's capital intensity and multi-year timeframes risk tying up resources in a region facing ongoing energy transition pressures, intensifying investor scrutiny over large-scale hydrocarbon projects without clear and timely payback horizons. Should the new blocks prove less prolific than the Stabroek analogs, Exxon may be forced to write down investments or scale back ambitions, harming both local development prospects and its offshore Atlantic Basin strategy. If Exxon secures terms, Trinidad gains both marquee capital and a strategic hedge against Venezuelan uncertainty; for Exxon, the move shores up optionality near a core growth hub without diluting focus. The negotiation route also signals how resource-hungry majors leverage legal flexibility when bid rounds misalign with geologic ambition. For investors, the calculus hinges on whether incremental Guyana-basin barrels can offset global spending discipline and energy-transition pressures. With Hess set to be folded into Chevron (CVX) pending approvals, Exxon's Trinidad push could preempt competitive encroachment and lock in basin synergies before the next auction window opens.
Yahoo
22-07-2025
- Business
- Yahoo
Exclusive-Exxon in talks with Trinidad for seven deepwater blocks, sources say
By Curtis Williams HOUSTON (Reuters) -Exxon Mobil has begun negotiations with the Trinidad and Tobago government to explore for oil and gas in up to seven deepwater blocks off the East Coast of the Caribbean country, which the top U.S. oil producer left more than two decades ago, two sources close to the talks told Reuters. The areas Exxon is interested in are located north of the company's prolific Stabroek block in Guyana, the fastest-growing oil production province in the world, the people said. Exxon and partners Hess and CNOOC have discovered more than 11 billion barrels of recoverable oil and gas in Stabroek and plan to produce more than 900,000 barrels per day of light sweet crude later this year. Trinidad's Energy Minister Roodal Moonilal did not respond to Reuters' request for comment. Exxon said it does not comment on rumors or speculation. Exxon left Trinidad and Tobago in 2003 after a failed exploration program. Under the new government of Prime Minister Kamla Persad-Bissessar, Trinidad aims to rejuvenate investment, especially offshore, where more gas output is needed to support the nation's liquefied natural gas (LNG) and petrochemical industries. Since she took office in April, a flagship offshore gas project with neighboring Venezuela that lost its U.S. authorization to move forward has been shelved, while the government has focused efforts on deepening ties with the region's other energy producers. According to Trinidad's laws, the government can individually negotiate areas for exploration and production if they are not included in a competitive bidding round. Trinidad and Tobago is in the middle of a deepwater auction that has been extended to close on September 17, and which does not include the blocks Exxon is negotiating for. If Exxon and Trinidad reach an agreement, the U.S. producer could acquire almost all the ultra deepwater blocks that remain unlicensed. The large discoveries of oil and gas made in recent years in the Guyana-Suriname basin are one of the reasons why Trinidad is now seeing a renewed interest in its ongoing deepwater auction, the country's energy minister said at a conference early in July. Moonilal also said Trinidad was open to bids outside of auctions and hinted at the negotiations. "We are currently considering one such proposal, and if the negotiations are successful, a major announcement will soon be made," he added. (Reporting by Curtis Williams in Houston; additional reporting by Sheila DangEditing by Marguerita Choy)
Reuters
22-07-2025
- Business
- Reuters
Exclusive: Exxon in talks with Trinidad for seven deepwater blocks, sources say
HOUSTON, July 22 (Reuters) - Exxon Mobil (XOM.N), opens new tab has begun negotiations with the Trinidad and Tobago government to explore for oil and gas in up to seven deepwater blocks off the East Coast of the Caribbean country, which the top U.S. oil producer left more than two decades ago, two sources close to the talks told Reuters. The areas Exxon is interested in are located north of the company's prolific Stabroek block in Guyana, the fastest-growing oil production province in the world, the people said. Exxon and partners Hess and CNOOC ( opens new tab have discovered more than 11 billion barrels of recoverable oil and gas in Stabroek and plan to produce more than 900,000 barrels per day of light sweet crude later this year. Trinidad's Energy Minister Roodal Moonilal did not respond to Reuters' request for comment. Exxon said it does not comment on rumors or speculation. Exxon left Trinidad and Tobago in 2003 after a failed exploration program. Under the new government of Prime Minister Kamla Persad-Bissessar, Trinidad aims to rejuvenate investment, especially offshore, where more gas output is needed to support the nation's liquefied natural gas (LNG) and petrochemical industries. Since she took office in April, a flagship offshore gas project with neighboring Venezuela that lost its U.S. authorization to move forward has been shelved, while the government has focused efforts on deepening ties with the region's other energy producers. According to Trinidad's laws, the government can individually negotiate areas for exploration and production if they are not included in a competitive bidding round. Trinidad and Tobago is in the middle of a deepwater auction, opens new tab that has been extended to close on September 17, and which does not include the blocks Exxon is negotiating for. If Exxon and Trinidad reach an agreement, the U.S. producer could acquire almost all the ultra deepwater blocks that remain unlicensed. The large discoveries of oil and gas made in recent years in the Guyana-Suriname basin are one of the reasons why Trinidad is now seeing a renewed interest in its ongoing deepwater auction, the country's energy minister said at a conference early in July. Moonilal also said Trinidad was open to bids outside of auctions and hinted at the negotiations. "We are currently considering one such proposal, and if the negotiations are successful, a major announcement will soon be made," he added.
The Sun
18-07-2025
- The Sun
Win 1 of 8 fantastic holidays to places like the Caribbean, Mexico and Greece by voting in The Sun Travel Awards
THE Sun Travel Awards 2025 launch today, giving YOU the chance to vote for your favourite travel companies and destinations - and win one of EIGHT great breaks. Nothing is more important to you - our amazing readers - than their holidays and you've got strong opinions as to who has served you best over the last year. 10 So now we want to reward the travel companies, airlines and attractions you turn to for your precious breaks. Vote for the ones you rate the highest in our 12 categories, left, and you could win one of the incredible prizes, below. They include the chance to soak up the sunshine in Tobago, hit the beaches of Mexico, cruise to the majestic Fjords, have family fun in Greece and enjoy luxury stays in fabulous hotels in Corfu and Cyprus. You have until August 31, 2025 to vote. The winning companies will be presented with their Sun Travel Award at a special ceremony in autumn. VOTE NOW Can't see the form? Click here. THE PRIZES KICK BACK ON A CARIBBEAN ISLAND Kick back and relax alongside idyllic Caribbean beaches with this fabulous prize for two. Unspoilt, untouched and undiscovered Tobago is everything you've ever dreamed about the Caribbean and more. The trip includes return economy class flights on British Airways to Tobago for two and a seven-night stay at the beautiful Starfish Tobago Resort and transfers. The hotel sits beside a beautiful beach where turtles still lay their eggs and features a lagoon-style pool with a swim up bar to sip while you dip! 10 HEAD TO MEXICO FOR ALL-INCLUSIVE BEACH STAY The astonishing AVA Resort awaits with a seven-night elevated all-inclusive stay at this brand new 5* resort inspired by the pristine white sands and translucent blues of the Mexican Caribbean Sea. Every one of its rooms faces the ocean and beach and there are six pools as well as the astonishing 2.8acre AVA Bay - the ultimate water playground to sail, swim, paddleboard or kayak. With 17 restaurants, countless bars and cocktail lounges, a swanky speakeasy and a variety of energetic nightlife options, you'll find it hard to fit everything into seven nights! Prize for two includes return economy flights to Cancun. 10 DISCOVER THE NORDIC FJORDS BY CRUISE Uncover the scenic wonders of Norway and the Netherlands on a fabulous seven night cruise sailing from London Tilbury on Ambassador Cruise Line's Ambience in April, 2026. The prize for two will see you sailing in style to Stavanger and Edfjord before returning via Ijmuiden, gateway to Amsterdam. You'll soak up the views from your Ocean View cabin as well as enjoy full-board meals and wide range of entertainment both day and night. 10 EXPLORE LESSER-KNOWN LESBOS There's a fabulous family holiday for four courtesy of Jet2holidays to win. The seven night all-inclusive stay at the Aeolian Village Hotel will see you relaxing by the pool or the nearby long stretch of sandy beach. Expect spacious rooms, a variety of delicious places to eat and drink and lots of activities to keep the whole family happy. The prize for two adults and two children includes return flights, transfers plus 22kg baggage and 10kg hand luggage for all. 10 Enjoy a three-night luxury stay at the fabulous 5* Cali Resort & Spa in Paphos courtesy of easyJet holidays. The prize includes bed and breakfast for two at this exclusively for adults resort just 300metres from the Blue Flag Coral Bay beach. Cool down in the 47metre freshwater pool or sunbathe on the luxury sunbeds, sunken in-pool loungers and cool cabanas. The prize includes return easyJet flights to Paphos and a 30minute spa treatment for two in the luxury spa. 10 STAY AT NEW FIVE-STAR CORFU RESORT Indulge in premium all-inclusive at the newly-opened 5* Valmar Corfu with its direct beach access and incredible views over the Ionian Sea. The prize, for two, will see you kicking back and relaxing at this beachfront resort with its three pools, four restaurants, five bars and luxury spa. Also included are return flights from the UK. 10 ENJOY A SCOTTISH COUNTRYSIDE RETREAT Explore the beauty of the Scottish countryside with a three night stay for a family of four at the Wyndham Duchally Country Estate in Perthshire, staying in a gorgeous two-bedroom lodge. This peaceful retreat also invites guests to swim in their indoor pool, dine on seasonal Scottish fare and even enjoy a handcrafted gin from their on-site distillery. The prize also includes breakfast each morning. Prepare to be pampered at The Gainsborough Bath Spa with a two night luxury stay with breakfast. Part of YTL Hotels, this luxurious wellness escape is centred around the Spa Village Bath with exclusive access to natural mineral-rich thermal waters. Included in the prize is one treatment per person as well as dinner on the second night at the Gainsborough Brasserie. 10
