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Trinidad and Tobago’s government has agreed to award Exxon Mobil (NYSE:XOM) acreage in an ultra-deepwater area that includes seven blocks to explore for oil and gas, Reuters reported Tuesday, citing two senior government officials, adding that a deal could be signed as soon as next week.
The blocks are located northwest of Exxon’s (NYSE:XOM) prolific Stabroek block in Guyana, where the consortium it leads has confirmed more than 11B barrels of recoverable resources, and the area to be awarded to Exxon is an amalgamation of seven blocks in water depths of 2K-3K meters, according to the report, which did not provide financial details.
Exxon (XOM) has agreed to a signing bonus and a three-phase exploration program in Trinidad that includes the acquisition of seismic data and drilling of exploration wells, the report said.
“Ultra-deep Trinidad and Tobago could unlock potential similar to Exxon Mobil’s Stabroek block,” according to a 2024 study by Houston-based energy data analytics firm TGS.