US Energy Company Oxy is Entering Trinidad and Tobago's Energy Sector

• A new major U.S. energy company is entering Trinidad and Tobago’s energy sector after the Government approved Occidental Petroleum Corporation’s (Oxy’s) acquisition of a 10% participating interest in Block TTUD-1, the ultra-deepwater exploration block operated by ExxonMobil. ExxonMobil will remain the operator and retain a 90% stake.
• Oxy's entry follows ExxonMobil's return to Trinidad and Tobago in August 2025, when the US energy giant secured a Production Sharing Contract (PSC) for the TTUD-1 ultra-deepwater exploration block.
• According to Prime Minister Kamla Persad-Bissessar, the Government accelerated permitting, enabling ExxonMobil to launch one of the largest seismic programmes in Trinidad and Tobago within six months of signing the PSC. Seismic acquisition is now approximately 85% complete, with full acquisition expected by late July.
• Persad-Bissessar noted that ExxonMobil’s entry into Block TTUD-1 has generated significant international interest, while Occidental’s farm-in demonstrates that the country is once again on the radar of the world’s largest and most capable energy companies. The Energy Ministry also said Oxy’s visit alongside ExxonMobil reflects confidence in Trinidad and Tobago’s energy potential and long-term investment prospects.
• The Prime Minister also highlighted broader energy-sector developments, noting that the National Gas Company (NGC) recorded more than $3.2Bn in profits, dividends were restored to thousands of citizens through Trinidad and Tobago NGL Limited (TTNGL), and all downstream gas supply agreements for 2026 have been settled.
• Work continues on Manakin-Cocuina, Manatee, Onyx, and Dragon, as NGC works to secure the country’s future gas supply, and reinforce the country’s position as a regional LNG and petrochemical hub.

(Source: Trinidad Express Newspapers)