Occidental Petroleum has acquired a 10% stake in ExxonMobil’s UD(1) deepwater exploration block offshore Trinidad and Tobago.

The move brings another major international energy company into one of Trinidad and Tobago’s most closely watched frontier exploration areas, at a time when the country is seeking to rebuild upstream momentum and secure future oil and gas production.

The Government of Trinidad and Tobago recently approved Occidental’s farm-in to the ultra-deepwater block. Prime Minister Kamla Persad-Bissessar told Parliament that the approval allows Oxy to obtain a 10% participating interest in Block TTUD-1, while ExxonMobil remains the operator and retains a 90% participating interest.

According to a report from Reuters, ExxonMobil previously held a 100% working interest in the UD(1) block, which lies in water depths of 2,000 to 3,000 metres. The block was acquired by ExxonMobil in August 2025 and is also referred to as Block TTUD-1, or Trinidad and Tobago Ultra Deep-1. It is located offshore Trinidad, northwest of Guyana’s Stabroek Block, where ExxonMobil and its partners have made more than 30 discoveries.

The value of Occidental’s 10% stake was not disclosed.

ExxonMobil is currently conducting seismic surveys across the Trinidad acreage. Reuters reported that data acquisition is expected to be completed by the end of July 2026, with interpretation expected by the end of 2026, according to ExxonMobil Vice President of Global Exploration John Ardill, who spoke earlier this month at the Offshore Technology Conference in Houston. A decision on whether to drill an exploration well is expected to follow the seismic review.

The seismic programme forms part of ExxonMobil’s early-stage exploration work in the block. In January 2026, Reuters reported that ExxonMobil had awarded Shearwater Geoservices a contract to conduct a 3D seismic survey over approximately 6,000 square kilometres in waters 2,000 to 3,000 metres deep.

The Prime Minister said ExxonMobil was able to launch one of the largest seismic programmes in Trinidad and Tobago within six months of signing the production sharing contract. She said seismic acquisition was approximately 85% complete, with full acquisition expected by late July.

The UD(1) block has attracted interest because of its location near the Guyana-Suriname basin, one of the most active offshore exploration provinces in the world. Reuters reported that ExxonMobil has pointed to geological similarities between the Trinidad acreage and other major deepwater plays, including Guyana’s Stabroek Block and deepwater Angola.

The development also comes as Trinidad and Tobago continues to look for new upstream resources to support its gas-based economy. Mature fields have placed pressure on domestic oil and gas output, while the country’s LNG, ammonia, and methanol sectors depend on a stable gas supply. Deepwater exploration remains high-risk, but success in areas such as UD(1) would strengthen the country’s longer-term production outlook.

A recent meeting also signaled continued engagement between the companies and the Government of Trinidad and Tobago. According to the Ministry of Energy and Energy Industries, Prime Minister Kamla Persad-Bissessar, Minister of Energy and Energy Industries Dr. Roodal Moonilal, and Minister in the Ministry of Energy and Energy Industries Ernesto Kesar met on May 22, 2026, with Paul Riley, President of ExxonMobil Trinidad and Tobago Deepwater Limited; Gboyega Ayeni, Business Development Manager at ExxonMobil Trinidad and Tobago Deepwater; and Pedro Romero, Vice President of International Exploration at Occidental Exploration.

The Ministry said the meeting focused on ongoing projects and near-term investment opportunities in Trinidad and Tobago. It added that Occidental’s participation alongside ExxonMobil “underscores Trinidad and Tobago’s capacity to attract the attention of leading international energy investors and reflects confidence in this country’s energy potential and long-term investment prospects.”

The Prime Minister said ExxonMobil has indicated it looks forward to working closely with Oxy to further evaluate the block’s resource potential. She said Occidental’s entry shows that Trinidad and Tobago is again on the radar of major international energy companies.

The transaction is a notable signal of investor interest in Trinidad and Tobago’s ultra-deepwater potential. The next key milestone will be the completion and interpretation of seismic data, which will guide ExxonMobil and its partners on whether to move toward drilling.

For now, the acquisition places another global upstream player alongside ExxonMobil in a block that could become important to Trinidad and Tobago’s next phase of exploration.

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