1)  Occidental acquires 10% stake in Exxon Ultra-Deepwater Trinidad block

May 26, 2026

Summary

• Occidental to acquire 10% stake in Exxon ULTRA- deepwater block .
• Trinidad Exxon conducting seismic surveys, data interpretation expected  end 2026
• Block borders Stabroek, potential seen but exploration risk remains high

HOUSTON, May 26 (Reuters)

Occidental Petroleum is acquiring a 10% ‌stake in Exxon Mobil ultra-deepwater exploration block offshore Trinidad and Tobago.

Exxon was previously the sole owner of the massive mega-block, in water depths of 2,000 to 3,000 meters, the Bathypelagic Zone.

Exxon first acquired UD(1) in August 2025. .The U.S. operator ⁠is conducting seismic surveys in the block, with data acquisition expected to be completed by the end of July,

Vice President of Global Exploration John Ardill told the Offshore Technology Conference in Houston. Interpretation of the data could be complete by the end of 2026.
The Trinidad acreage borders the Stabroek Block, where the Exxon consortium made over 40 discoveries, transforming Guyana into one of the world’s fastest-growing oil producers.

Ardill previously said the block could hold potential comparable to Stabroek or deepwater assets offshore Angola.

Geological similarities ‌between ⁠the two petroliferous Atlantic basins fueled speculation that the Trinidad deepwater could hold significant untapped resources, though exploration risk remains high at this early stage.

The 8-island archipelago, where oil and gas output declined as mature fields were depleted, seeks upstream opportunities to sustain production and support its ⁠liquefied natural gas sector.

Last week, Exxon’s Trinidad country manager ⁠Paul Riley, business development manager Gboyega Ayeni, and Occidental’s Vice President of International Exploration Pedro Romero met Trinidad and Tobago Prime Minister Kamla Persad-Bissessar and Energy Minister Roodal Moonilal.

Exxon is expected to decide whether to drill an exploration well after reviewing seismic results, which would provide the first concrete indication of the block’s commercial potential.

Exclusive: Trinidad, ExxonMobil agree to terms for deepwater …

ExxonMobil (XOM) is operating and developing the massive offshore Ultra Deepwater 1 (UD-1) block off the east coast of Trinidad.

Originally holding a 100% working interest, the company agreed to farm out a 10% stake in the block to Occidental Petroleum.

Project Highlights

1. 1. 1. Block Size & Location: Spans 7,100 square kilometers (exceeds area of Trinidad ) in water depths of 2,000 to 3,000 meters.
      2. Geology: Located near the Guyana-Suriname basin trend, as a westward extension of Exxon’s highly prolific Stabroek block.
      3. Project Status: Under a Production Sharing Contract signed in August 2025, Exxon rapidly advanced the project. By early 2026, the Amazon Warrior vessel commenced a 3D seismic acquisition survey to map the frontier territory.
      4. Goal: Intended to establish a major new deepwater production cluster in the 2030s to replace declining legacy gas and oil fields currently supplying Trinidad’s petrochemicals and Atlantic LNG complexes.

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His successor must get a grip on corporate governance and strategy at the company as a priority.