An international media outlet is reporting that the Government "has agreed to award a global oil and gas exploration giant "acreage in an ultra-deep area that includes seven blocks" in this country's waters.
So what does the Energy Minister have to say about this development?
00:00Reuters is reporting that the government of Trinidad and Tobago has agreed to award U.S. oil major ExxonMobil acreage in an ultra-deep area that includes the seven blocks to explore for oil and gas, according to unnamed senior government officials.
00:15Reuters reported on Tuesday that the parties began negotiations earlier this year for the areas off the east coast of Trinidad and Tobago, which ExxonMobil left more than 20 years ago, and that the blocks are located northwest of ExxonMobil's prolific Starbrook block in Guyana, where the consortium it leads has confirmed more than 11 billion barrels of recoverable resources.
00:41The Energy Chamber of Trinidad and Tobago has noted in a statement on Tuesday that a 2024 study by Houston-based energy analytics firm TGS suggests that Trinidad and Tobago's ultra-deep water reserves could hold the potential comparable to the Starbrook block.
00:59TV6 News contacted Energy Minister Dr. Rudal Munilal for comment.
01:03Minister Munilal said, quote, we are engaged with several of the oil majors on exploration and production, end quote.
01:10The Energy Minister did not provide any details.
01:14The Energy Chamber said, regarding the Reuters article about ExxonMobil, that this agreement represents a significant step in Trinidad and Tobago's efforts to revitalize its energy sector amid declining hydrocarbon production,
01:28and if successful, the ultra-deep water exploration could position the country as a key player in the Atlantic Basin's energy landscape.
01:36The Energy Chamber noted that, according to Reuters, ExxonMobil initially expressed interest in the seven blocks in November 2024,
01:45prompting direct negotiations under Trinidadian law, which permits individual agreements for areas not included in competitive bidding rounds.
01:54The Energy Chamber said that Trinidad and Tobago's ongoing deep water auction, extended until September 17th, remains open to additional participants.
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