Houston-headquartered energy player Occidental (Oxy) has secured the go-ahead from Trinidad and Tobago to join U.S. energy giant ExxonMobil in an ultra-deepwater exploration block in the Caribbean’s southernmost archipelagic country.
In an exciting development for the Caribbean energy landscape, Occidental Petroleum has been granted permission by the Trinidad and Tobago government to farm into the TTUD-1 ultra-deepwater exploration block, joining forces with ExxonMobil. This strategic collaboration underscores the increasing importance of Trinidad and Tobago as a focal point for energy investment and exploration in the region.
This partnership kicks off after ExxonMobil re-entered Trinidad and Tobago in August 2025, entering a production sharing contract (PSC) for the TTUD-1 block—a significant move tailored to tap into the rich hydrocarbon reserves in the area. With this agreement, the government of Trinidad and Tobago has welcomed Occidental’s 10% interest in the block, while ExxonMobil will retain operational control and a 90% stake.
The green light for Occidental’s involvement was confirmed by Prime Minister Kamla Persad-Bissessar, which reflects both confidence in the potential of this exploration endeavor and the government’s commitment to fostering partnerships with leading energy firms. This collaboration is set against a backdrop of ongoing dialogue between the Trinidadian government and significant players in the energy sector, highlighting the nation’s appeal as a hub for international energy ventures.
On May 22, 2026, a critical meeting took place, bringing together the government officials, including Prime Minister Bissessar and Dr. Roodal Moonilal, Minister of Energy and Energy Industries, alongside high-level representatives from ExxonMobil and Occidental. This gathering was crucial in reaffirming the commitment of both companies to responsibly develop energy resources while discussing ongoing projects and future investment opportunities within Trinidad and Tobago.
In a statement provided by the Ministry of Energy and Energy Industries, it was emphasized that Occidental Petroleum is not just a major oil and gas producer; it is also an industry leader in carbon management. The company focuses on advancing lower-carbon technologies and products, a vision that aligns with global trends towards sustainable energy practices. This approach positions Occidental favorably within the context of Trinidad and Tobago’s energy strategy, which increasingly emphasizes sustainability and innovation.
A vital aspect of this collaboration is the emphasis on Trinidad and Tobago’s unique capability to attract significant international investment. The joint efforts between Oxy and ExxonMobil encapsulate the confidence that these leading energy firms have in the country’s long-term potential for energy production and exploration. This partnership also reflects Trinidad’s strategic positioning as a gateway to energy exploration in the Caribbean, thanks to its established infrastructure and supportive regulatory environment.
In tandem with these developments, Trinidad and Tobago has been proactive in addressing broader regional challenges, such as environmental protection and cross-border cooperation. Recently, the country cooperated with neighboring Venezuela to discuss the management of potential cross-border hydrocarbon spills, particularly in light of a recent incident at the Main Soldado field in the Gulf of Paria. This cooperation demonstrates a commitment to maintaining open lines of communication and collaboration in safeguarding the marine environment, further highlighting Trinidad and Tobago’s leadership in regional energy and environmental governance.
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