Latest news with #RoodalMoonilal
Yahoo
5 days ago
- Business
- Yahoo
ExxonMobil may invest up to $21.7bn in Trinidad and Tobago
ExxonMobil is set to potentially invest as much as $21.7bn (147.35bn) in Trinidad and Tobago, contingent upon the successful discovery of reserves in a newly awarded deep-water exploration area, reported Reuters, citing Trinidad's Energy Minister Roodal Moonilal. Moonilal announced the significant investment possibility during a contract signing event in Port of Spain. The contract, which marks ExxonMobil's return to Trinidad after a two-decade hiatus, grants the energy giant access to an exploration area equivalent to seven blocks, located north-west of its successful Stabroek block offshore Guyana. 'What we are awarding today is larger than the surface area of the country,' Moonilal stated, emphasising the scale of the exploration zone. ExxonMobil global exploration vice-president John Ardill, who spoke at the signing ceremony, highlighted the swift negotiation of the deal with Trinidad's Government. Ardill expressed the company's intention to apply its Caribbean geological expertise and replicate its Guyanese success in Trinidad. The initial exploration phase, involving 3D seismic mapping and up to two exploration wells, will require an investment of $42m. The first well could be drilled following seismic work, set to commence within six months. An ExxonMobil spokesperson confirmed the company's role as the operator of the block, holding a 100% interest. The spokesperson also referenced the consortium led by ExxonMobil that has verified more than 11 billion barrels of recoverable oil and gas in the waters neighbouring Guyana. Ardill described the Trinidad exploration as 'still frontier' but with 'great potential' in the ultra-deep-water region. Trinidad has previously seen deep-water exploration success with consortia including BHP, Woodside, bp and Shell, with some discoveries moving towards commercial development. Should ExxonMobil confirm reserves, the company could potentially accelerate production in Trinidad, leveraging existing oil and gas infrastructure, which could expedite the process compared to its experience in Guyana. Ardill indicated plans to utilise equipment and resources across both Guyana and Trinidad and Tobago to hasten exploration efforts. In support of further energy sector investment, Trinidad's Prime Minister, Kamla Persad, was quoted as saying: "Trinidad will not wait for the end of any energy era. 'Our principle is simple: investment goes where it is welcomed and stays where it is well treated.' "ExxonMobil may invest up to $21.7bn in Trinidad and Tobago" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Reuters
7 days ago
- Business
- Reuters
Trinidad awards deepwater blocks to Exxon, could see $21.7 billion investment, minister says
Aug 12 (Reuters) - Exxon Mobil (XOM.N), opens new tab could invest as much as $21.7 billion in Trinidad and Tobago if the U.S. energy major finds reserves in a large deepwater area it was awarded on Tuesday to explore for oil and gas in the Caribbean country, Energy Minister Roodal Moonilal said. Moonilal was speaking at an event in Port of Spain where a production-sharing contract was signed with Exxon, marking its return to the country after 20 years. Reuters reported last week that government had agreed to grant Exxon access to an area equivalent to seven blocks and located northwest of its prolific Stabroek block offshore Guyana. "What we are awarding today is larger than the surface area of the country," Moonilal said. Exxon and Trinidad's government negotiated the deal in "record time," Exxon's Vice President of global exploration John Ardill said at the signing ceremony, adding that the company wants to use its knowledge about the Caribbean geology and replicate its success in Guyana. Exxon's initial exploration plan will need a $42 million investment for 3D seismic and up to two exploration wells, Trinidad's officials said. The first well could be drilled after completing seismic, to begin in six months, Ardill added. An Exxon spokesperson said the company is the operator of the block and holds 100% interest. An Exxon-led consortium has confirmed more than 11 billion barrels of recoverable oil and gas at the neighboring waters of Guyana. "While this is still frontier exploration, it has great potential in this ultra deepwater area," Ardill said, referring to Trinidad. Trinidad has had some success in deepwater exploration by consortia including companies BHP ( opens new tab, Woodside ( opens new tab, BP (BP.L), opens new tab and Shell (SHEL.L), opens new tab. Some of the discoveries are advancing to commercial developments, the minister said. If reserves are confirmed by Exxon, it could move even faster than it did in Guyana to begin output because Trinidad has oil and gas infrastructure in place. Exxon plans to use its equipment and resources between Guyana and Trinidad and Tobago to expedite exploration, according to Ardill. Trinidad's Prime Minister Kamla Persad has promised that her country will review fiscal terms to further attract investment for its energy sector. "Trinidad will not wait for the end of any energy era," she said. "Our principle is simple: investment goes where it is welcomed and stays where it is well treated."
Yahoo
7 days ago
- Business
- Yahoo
Exxon could invest as much as $21.7 billion if it finds oil, gas in Trinidad, energy minister says
(Reuters) -Exxon Mobil (XOM) could invest as much as $21.7 billion in Trinidad and Tobago if the energy major finds reserves in a large deepwater area it plans to explore for oil and gas in the Caribbean country, energy minister Roodal Moonilal said. The official spoke on Tuesday at an event in Port of Spain to sign a production sharing contract with the company that will mark its return to the country. Sign in to access your portfolio
Reuters
7 days ago
- Business
- Reuters
Exxon could invest as much as $21.7 billion if it finds oil, gas in Trinidad, energy minister says
Aug 12 (Reuters) - Exxon Mobil (XOM.N), opens new tab could invest as much as $21.7 billion in Trinidad and Tobago if the energy major finds reserves in a large deepwater area it plans to explore for oil and gas in the Caribbean country, energy minister Roodal Moonilal said. The official spoke on Tuesday at an event in Port of Spain to sign a production sharing contract with the company that will mark its return to the country.
Yahoo
07-08-2025
- Business
- Yahoo
ExxonMobil to explore seven ultra-deep blocks off Trinidad's east coast
Trinidad and Tobago's Government has reportedly agreed to grant US oil giant ExxonMobil exploration rights to an ultra-deep area encompassing seven blocks, according to a Reuters report, citing two senior government officials. This move marks ExxonMobil's return to the Caribbean nation's waters after more than two decades and follows an earlier report that discussions were ongoing for the exploration rights to the deep-water blocks. The blocks, located north-west of ExxonMobil's highly successful Stabroek block in Guyana, are situated in waters ranging from 2,000–3,000m deep. The signing of an agreement with ExxonMobil for the area, now referred to as Ultra Deep 1 (UD1), could take place as early as next week, the report said. An ExxonMobil spokesperson was quoted as saying: "We will not comment on third party sources, but we routinely look at opportunities to optimise our advantaged portfolio.' Trinidad and Tobago's Energy Minister, Roodal Moonilal, has not yet commented on the matter. The agreement with Trinidad includes a signing bonus and a three-phase exploration programme, which involves seismic data acquisition and the drilling of exploration wells. Should the exploration yield oil or gas, the Government of Trinidad and Tobago stands to benefit from royalty payments, profit sharing and a provision for cost recovery. ExxonMobil first expressed interest in the Trinidadian blocks in November 2024. The country, currently hosting a deep-water auction that is set to close on 17 September, has the right to negotiate individually for areas not included in competitive bidding, as per its laws. With this development, Trinidad and Tobago aims to rejuvenate investment in its offshore sectors, which is crucial for sustaining its liquefied natural gas and petrochemical industries. The nation is also hopeful of discovering oil in its deep waters, especially after a key offshore gas project with Venezuela was shelved due to the loss of US authorisation. In neighbouring Guyana, ExxonMobil, alongside partners Chevron and CNOOC, is nearing the start of production at a fourth floating facility. This expansion is set to increase output to more than 900,000 barrels per day, with a target of 1.7 million barrels per day by 2030. "ExxonMobil to explore seven ultra-deep blocks off Trinidad's east coast" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
