Exclusive-Exxon in talks with Trinidad for seven deepwater blocks, sources say
HOUSTON (Reuters) -Exxon Mobil has begun negotiations with the Trinidad and Tobago government to explore for oil and gas in up to seven deepwater blocks off the East Coast of the Caribbean country, which the top U.S. oil producer left more than two decades ago, two sources close to the talks told Reuters.
The areas Exxon is interested in are located north of the company's prolific Stabroek block in Guyana, the fastest-growing oil production province in the world, the people said.
Exxon and partners Hess and CNOOC have discovered more than 11 billion barrels of recoverable oil and gas in Stabroek and plan to produce more than 900,000 barrels per day of light sweet crude later this year.
Trinidad's Energy Minister Roodal Moonilal did not respond to Reuters' request for comment. Exxon said it does not comment on rumors or speculation.
Exxon left Trinidad and Tobago in 2003 after a failed exploration program.
Under the new government of Prime Minister Kamla Persad-Bissessar, Trinidad aims to rejuvenate investment, especially offshore, where more gas output is needed to support the nation's liquefied natural gas (LNG) and petrochemical industries.
Since she took office in April, a flagship offshore gas project with neighboring Venezuela that lost its U.S. authorization to move forward has been shelved, while the government has focused efforts on deepening ties with the region's other energy producers.
According to Trinidad's laws, the government can individually negotiate areas for exploration and production if they are not included in a competitive bidding round.
Trinidad and Tobago is in the middle of a deepwater auction that has been extended to close on September 17, and which does not include the blocks Exxon is negotiating for.
If Exxon and Trinidad reach an agreement, the U.S. producer could acquire almost all the ultra deepwater blocks that remain unlicensed.
The large discoveries of oil and gas made in recent years in the Guyana-Suriname basin are one of the reasons why Trinidad is now seeing a renewed interest in its ongoing deepwater auction, the country's energy minister said at a conference early in July.
Moonilal also said Trinidad was open to bids outside of auctions and hinted at the negotiations.
"We are currently considering one such proposal, and if the negotiations are successful, a major announcement will soon be made," he added.
(Reporting by Curtis Williams in Houston; additional reporting by Sheila DangEditing by Marguerita Choy)
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Some of the material factors or assumptions used to develop forward-looking statements include, without limitation: that the transaction with the Optionee will proceed as planned; the future price of uranium; anticipated costs and the Company's ability to raise additional capital if and when necessary; volatility in the market price of the Company's securities; future sales of the Company's securities; the Company's ability to carry on exploration and development activities; the success of exploration, development and operations activities; the timing and results of drilling programs; the discovery of mineral resources on the Company's mineral properties; the costs of operating and exploration expenditures; the presence of laws and regulations that may impose restrictions on mining; employee relations; relationships with and claims by local communities and indigenous populations; availability of increasing costs associated with mining inputs and labour; the speculative nature of mineral exploration and development (including the risks of obtaining necessary licenses, permits and approvals from government authorities); uncertainties related to title to mineral properties; assessments by taxation authorities; fluctuations in general macroeconomic conditions. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement. Any forward-looking statements and the assumptions made with respect thereto are made as of the date of this news release and, accordingly, are subject to change after such date. The Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Neither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release. 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