00:00Three days after Prime Minister Kamala Pesad-Besessa spoke in the Parliament about new investment by Occidental Petroleum, or OXI,
00:07Energy Minister Dr. Rudal Munilal led a top-level delegation from the Energy Ministry in a meeting with representatives from
00:14OXI and ExxonMobil, Trinidad and Tobago Ltd.
00:17at the Ministry of Energy and Energy Industries head office at the International Waterfront Complex in Port of Spain.
00:24The Energy Ministry said the key highlight of the engagement was the signing of the production-sharing contract for the
00:30TTUD-1 block by Minister Munilal.
00:33The Ministry said this marked a significant milestone in the advancement of Trinidad and Tobago's upstream energy sector,
00:40as announced by Prime Minister Pesad-Besessa at the opening of the second session of the 13th Parliament on Friday.
00:48Mr. Speaker, that is only materialized. Thanks to the Minister of Energy and the Minister of Energy.
00:53within the last couple of days that this has happened, which is a very good sign for Trinidad and Tobago.
00:58You know, Mr. Speaker, you may or may not know, OXI is one of the largest companies in the world
01:03in the oil and energy sector,
01:05and so we welcome them to partner with Trinidad and Tobago.
01:08Last month on May 22nd, Prime Minister Pesad-Besessa, Energy Minister Munilal, Minister in the Ministry of Energy, Ernesto Kisar,
01:17met with ExxonMobil, Trinidad and Tobago Deepwater Limited's President Paul Reilly,
01:22OXI's Vice President of International Exploration, and ExxonMobil TNT's Business Development Manager.
01:28We are pleased to welcome another major American energy company into Trinidad and Tobago.
01:34The government, via the Minister of Energy and Energy Industries,
01:38has approved a farm in to block TTUD1 by Occidental Petroleum Corporation, OXI, with a 10% participating interest.
01:48The Prime Minister said ExxonMobil remains the operator and will retain 90% operating interest.
01:56The Energy Ministry said that on Monday, those present for the signing of the production sharing contract for the TTUD1
02:03block
02:03included ExxonMobil Trinidad and Tobago Deepwater Limited's President, OXI's Vice President of International Exploration,
02:11and ExxonMobil TNT's Business Development Manager.
02:14The Energy Ministry said also in attendance were Minister Kisar and the Ministry's Acting Permanent Secretaries,
02:21Karin Sir Tulsi and Ava Mahabiyadas, as well as the Ministry's Legal Officer 2, Kim Aki, who served as witness
02:30to the signing.
02:31And in a statement on Monday, the Energy Chamber of Trinidad and Tobago said,
02:35OXI's acquisition of a 10% stake in ExxonMobil's TTUD1 exploration block offshore
02:41is a notable signal of investor interest in Trinidad and Tobago's ultra-deep water potential.
02:48Jewel Brown, TV6 News.
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