Trinidad and Tobago has signed a production-sharing contract with ExxonMobil and Occidental Petroleum (Oxy) for the TTUD-1 ultra-deepwater exploration block, marking a major step forward in the country’s upstream energy development.
Energy Minister Dr Roodal Moonilal formalised the agreement yesterday at the Ministry of Energy and Energy Industries headquarters in Port of Spain during talks with senior executives from both US energy giants.
The deal follows recent discussions between the companies and Prime Minister Kamla Persad-Bissessar and comes just days after the Prime Minister highlighted the project during the opening of Parliament, underscoring the Government’s commitment to accelerating investment in the energy sector.
ExxonMobil was represented by President Paul Riley and Business Development Manager Gboyega Ayeni, while Occidental’s delegation was led by Vice President for International Exploration Pedro Romero.
While the financial details of the agreement were not disclosed, the Energy Ministry described the signing as a “significant milestone” that strengthens Trinidad and Tobago’s exploration and production agenda.
In Parliament on Friday, Persad-Bissessar revealed that the Government had approved Occidental’s farm-in to Block TTUD-1, granting the Houston-based company a 10 per cent participating interest. ExxonMobil will continue as operator of the block with a 90 per cent stake.
The Ministry said discussions also focused on ongoing projects, future investment opportunities and maintaining momentum in exploration activities to deliver long-term benefits for both companies and Trinidad and Tobago.
Source: Trinidad Express Newspaper
