Fossil Energy – Trinidad and Tobago
Trinidad and Tobago’s Minister of Energy and Energy Industries, Roodal Moonilal, recently announced the signing of a historic Production Sharing Contract (PSC) with ExxonMobil for an offshore deepwater block larger than the nation’s landmass.
This marks the company’s return to the Twin-Island Republic after 22 years.
The Ultra-Deep 1 Block spans 7,765 square kilometers in the Eastern Tobago Basin, in water depths exceeding 2,000 meters. By comparison, Trinidad and Tobago’s total surface area is about 5,128 square kilometers. “What we are viewing today is larger than the surface area of the country,” Moonilal said at the signing in Port of Spain.
Under the PSC, Exxon will carry out seismic acquisition within 12 months, followed by geological and geophysical studies, and drill at least one exploration well in the first phase.
Pre-production commitments include US$12.8 million in administrative fees, training and research contributions, technical assistance, and equipment bonuses.
