Minister of Energy Dr Roodal Moonilal has confirmed that the government is in negotiations with oil and gas giant ExxonMobil to explore and produce oil and gas in up to seven deep-water blocks off its east coast.
The minister confirmed with Newsday after a Reuters report indicated that they were engaging in talks.
“I can confirm that the Ministry of Energy and Energy Industries (MEEI) has ongoing talks with several of the leading global energy corporations with a view to repositioning Trinidad and Tobago as the energy hub of the Caribbean,” the minister told Newsday.
He said dialogue between TT and several major oil and gas companies were advanced in critical meetings at the recent Suriname Gas conference last month.
“We are in discussions with major players to ramp up exploration and production within and outside of bid rounds,” he said.
He told Newsday ExxonMobil was not the only major oil and gas company to express interest in TT’s deep-water region.
“We have had favourable responses from several other leading oil and gas giants. Something is happening in Trinidad and Tobago – there is a resurgence of investor confidence.
“We have taken on with renewed energy the mandate of Prime Minister Kamla Persad-Bissessar to escalate development in the energy sector to obtain much-needed revenue, foreign exchange and generate quality and well-paying jobs.”
TT is currently in the midst of a deep-water competitive bidding round, which was opened on January 27. The deadline for submission of was extended to September 17. Successful bids would be announced three months after the closing, the ministry said on its website.
The Reuters report said while TT was in a bid round the blocks that Exxon was interested in were not on offer. Reuters said if Exxon and TT reached an agreement, it could acquire almost all of the ultra-deep-water blocks that remained unlicensed.
