Exxon Mobil has begun negotiations with the Trinidad and Tobago government to explore for oil and gas in up to seven deepwater blocks off the East Coast of the Caribbean country…
Exxon Mobil has begun negotiations with the Trinidad and Tobago government to explore for oil and gas in up to seven deepwater blocks off the East Coast of the Caribbean country, which the top U.S. oil producer left more than two decades ago, two sources close to the talks told Reuters.
The areas Exxon is interested in are located north of the company's prolific Stabroek block in Guyana, the fastest-growing oil production province in the world, the people said.
Exxon and partners Hess and CNOOC have discovered more than 11 billion barrels of recoverable oil and gas in Stabroek and plan to produce more than 900,000 barrels per day of light sweet crude later this year.
Trinidad's Energy Minister Roodal Moonilal did not respond to Reuters' request for comment. Exxon said it does not comment on rumors or speculation.
Exxon left Trinidad and Tobago in 2003 after a failed exploration program.
Under the new government of Prime Minister Kamla Persad-Bissessar, Trinidad aims to rejuvenate investment, especially offshore, where more gas output is needed to support the nation's liquefied natural gas (LNG) and petrochemical industries.
Since she took office in April, a flagship offshore gas project with neighboring Venezuela that lost its
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