Trinidad and Tobago Signs $21.7B Deepwater Deal with ExxonMobil to Unlock Offshore Potential

Port of Spain | August 13, 2025 — Trinidad and Tobago has signed its largest deepwater exploration agreement in decades with ExxonMobil, a landmark move that could draw up to $21.7 billion in investment if commercial reserves are found. The deal formalised in Port of Spain leverages the nation’s robust LNG infrastructure and ExxonMobil’s proven deepwater expertise honed in neighbouring Guyana, promising an accelerated route from discovery to market.

The agreement arrives as Guyana’s energy ascent accelerates. In the space of a decade, ExxonMobil has transformed the country into an oil-export powerhouse, launching its fourth offshore development in 2025 and securing its place among the world’s top-tier energy exporters. The company’s own retrospective on Guyana’s rapid rise underscores the operational playbook Trinidad now hopes to replicate.

Complementing this long-term deepwater potential, bpTT has brought its Cypre gas project onstream, delivering near-term supply to sustain LNG exports and fortify domestic energy security. Together, the Cypre boost and the ExxonMobil exploration push position Trinidad and Tobago as both an immediate and future-facing player in the Atlantic LNG corridor.

If drilling results prove positive, the deepwater project could redefine Trinidad and Tobago’s energy trajectory. By pairing new offshore capacity with established LNG export infrastructure, the country stands to strengthen its role in global LNG supply chains while opening a new chapter in Caribbean energy cooperation. The outcome could cement the wider region’s emergence as a strategic player in global energy markets.