ExxonMobil Backs Deepwater Exploration in Trinidad and Tobago

  • Trinidad and Tobago's bid to open a new frontier in deepwater energy exploration has received a major endorsement from ExxonMobil. The company has nearly completed its first seismic acquisition campaign in Block TTUD-1 and is now preparing to evaluate the block's hydrocarbon potential.
  • According to ExxonMobil Trinidad and Tobago Deepwater Limited President, Paul Riley, the company achieved its objective of commencing seismic acquisition operations within six months of signing the Production Sharing Contract for Block TTUD-1. Riley also credited the Ministry of Energy and the Environmental Management Authority (EMA) for facilitating a swift regulatory approval process.
  • With the seismic acquisition programme nearing completion, ExxonMobil will shift its focus to processing and interpreting the seismic data, followed by subsurface evaluations and prospect maturation studies to identify drilling targets and assess commercial viability. Decisions on possible exploration wells will be made only after these studies are completed.
  • ExxonMobil also welcomed the Government's support for the farm-in arrangement with Anadarko Caribbean Limited, noting that the partnership strengthens the venture's technical and operational capabilities. During its first contract year, the company paid US$3.66Mn to the Ministry of Energy, including US$935,000 for training, research and development, and scholarship programmes for Trinidad and Tobago nationals.
  • Energy Minister Dr. Roodal Moonilal described ultra-deepwater exploration as the next chapter in Trinidad and Tobago's energy sector, noting that Block TTUD-1 has significant hydrocarbon potential. He added that exploration in the block could unlock opportunities in adjacent acreage and serve as a catalyst for further investment in the country's ultra-deepwater resources.
  • The project forms part of Trinidad and Tobago's strategy to reverse declining production from mature oil and gas fields, secure future gas supplies for the downstream petrochemical and LNG industries and attract new upstream investment.

(Source: Trinidad Express Newspapers)