Oxy enters T&T energy sector

Occidental Petroleum Corporation, a major U.S. energy company, is entering Trinidad and Tobago's energy sector after the government approved its acquisition of a stake in an ultra-deepwater exploration block. Prime Minister Kamla Persad-Bissessar announced the approval in Parliament, stating that Oxy will hold a 10% participating interest in Block TTUD-1, with ExxonMobil remaining the operator with a 90% stake.

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Working closely with all stakeholders, we accelerated permitting, enabling ExxonMobil to launch one of the largest seismic programmes in Trinidad and Tobago within six months of signing the PSC.

This move follows ExxonMobil's return to Trinidad and Tobago in August 2025, when the company secured a Production Sharing Contract for the same block. Persad-Bissessar noted that seismic acquisition for the block is nearly complete, with full acquisition expected by late July. The Prime Minister highlighted that ExxonMobil's entry has already generated significant international interest, and Oxy's arrival further demonstrates Trinidad and Tobago's appeal to major global energy firms.

Beyond the deepwater exploration, Persad-Bissessar shared other positive energy sector news. The National Gas Company (NGC) reported profits exceeding $3.2 billion, with dividends distributed to citizens through TTNGL. Agreements for downstream gas supply for 2026 are settled, and NGC is actively securing the nation's future gas supply. Progress is also steady on several other key energy projects, including Manakin-Cocuina, Manatee, Onyx, and Dragon.

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In this vein, we are pleased to welcome another major American energy company into Trinidad and Tobago.

The Prime Minister also addressed the quarrying sector, noting that holdover letters have been issued to 25 operators, with more approvals pending. This initiative aims to ensure a sufficient aggregate supply for government infrastructure projects and revitalization plans. Persad-Bissessar contrasted this with the previous government's licensing practices, which she claimed created monopolies and contributed to illegal quarrying.

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The entry of Occidental into Block TTUD-1 demonstrates that T&T is once again on the radar of the world’s largest and most capable energy companies.