Sources say that Occidental has taken 10% of the Exxon deepwater offshore Trinidad block.

Occidental Petroleum has acquired a 10% stake in Exxon Mobil’s 'deepwater exploration' block offshore Trinidad and Tobago. This is according to two sources familiar with the situation. Exxon had been the sole owner of UD(1), a large offshore block located in water depths between 2,000 and 3,000 meters. The first acquisition of this block was in August 2025. Sources did not know the value of the deal.

Exxon Vice-President of Global Exploration John Ardill, who spoke at the Offshore Technology Conference held in Houston, said that the U.S. giant is currently conducting seismic surveys within the block. The data acquisition should be complete by the end July. He added that the data interpretation could be completed by 2026.

The Trinidad acreage is adjacent to the Stabroek Block where Exxon, its partners, and others have made over 30 discoveries. This has transformed Guyana into the fastest-growing oil producer in the world. Ardill told the media that the block's potential was comparable to Stabroek and deepwater assets off Angola.

The geological similarities between these two areas has fueled speculation about Trinidad's deepwater holding significant untapped resources. However, exploration risk is still high at this stage. The Caribbean country has seen its oil and gas production decline in recent years due to the depletion of mature fields. It has sought new upstream opportunities?to support and sustain its liquefied gas sector.

Trinidad and Tobago’s energy ministry did not immediately respond to comments. Exxon, Occidental and others did not reply to inquiries about the stake 'acquisition.

According to a?statement from the country's Energy Ministry, last week, Exxon Trinidad's country manager Paul Riley and Occidental Vice President of International Exploration Pedro Romero, met with Trinidad and Tobago Prime Minister Kamla persad bisssar and Roodal moonilal.

After reviewing the seismic data, Exxon is expected to decide if it will drill an exploration well. This could be the first indication of the commercial potential of the block. Reporting by Curtis Williams, Houston; Editing and Rod Nickel by Nathan Crooks

(source: Reuters)