ExxonMobil’s $42.5M Deepwater Gamble In T&T

News Americas, Port of Spain, Trinidad, August 19, 2025: Once the undisputed energy powerhouse of the Caribbean, Trinidad and Tobago is now betting big on a deep water revival – with ExxonMobil leading the charge.

The U.S. oil giant has committed US$42.5 million upfront to partner with Trinidad’s state-owned Heritage Petroleum, marking a bold return of confidence in the twin-island nation’s hydrocarbon sector. For Prime Minister Kamla Persad-Bissessar, it’s more than just another deal — it’s a signal that Trinidad is ready to reclaim its role as a regional energy leader.

“This partnership strengthens our position in the deepwater space,” Exxon’s vice president for exploration, John Ardill, said during the signing, while admitting there are “no guarantees” the projects will match Guyana’s colossal oil discoveries.

Trinidad has watched for nearly a decade as Guyana, its smaller neighbor, surged to global prominence with Exxon’s 11 billion barrels of recoverable oil. Production declines, fiscal pressures, and dwindling gas supplies have chipped away at Trinidad’s economy which has also seen a shortage of US dolars. Now, deep water exploration is being framed as the country’s best chance at reversing its decline.

The stakes are high. Exxon will operate three blocks — 25a, 25b, and 27 — in Trinidad’s Atlantic waters, focusing on natural gas that could feed the nation’s LNG plants and petrochemical industry.

Persad-Bissessar has promised to slash red tape, modernize licensing, and create a more investor-friendly climate to ensure success. For Trinidad, the challenge is clear: turn this gamble into a comeback before Guyana leaves the region’s oldest producer permanently in the shadows.