Oxy taking minor stake in ExxonMobil’s Caribbean ultra-deepwater block

June 8, 2026, by Melisa Cavcic

Houston-headquartered energy player Occidental (Oxy) has secured the go-ahead from Trinidad and Tobago to join U.S. energy giant ExxonMobil in an ultra-deepwater exploration block in the Caribbean’s southernmost archipelagic country.

Following ExxonMobil’s re-entrance to Trinidad and Tobago in August 2025 through a production sharing contract (PSC) for the TTUD-1 ultra-deepwater exploration block, the country’s government gave the green light for Oxy’s farm-in to the ultra-deepwater exploration block.

According to Kamla Persad-Bissessar, Trinidad and Tobago’s Prime Minister, the government’s approval enables Oxy to obtain a 10% interest in Block TTUD-1. As a result, ExxonMobil will retain the operator role and a 90% stake.

This comes after Prime Minister along with Dr. Roodal Moonilal, Minister of Energy and Energy Industries, and Ernesto Kesar, Minister in the Ministry of Energy and Energy Industries, met on May 22, 2026, with Paul Riley, President ExxonMobil Trinidad and Tobago Deepwater; Pedro Romero, Vice President of International Exploration Occidental Exploration (OXY); and Gboyega Ayeni, Business Development Manager Exxon Mobil Trinidad and Tobago Deepwater.

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Trinidad and Tobago’s Ministry of Energy and Energy Industries explained that the parties discussed ongoing projects and future near-term investment opportunities within the country.

The ministry emphasized: “Occidental Petroleum is an international energy company that produces, markets and transports oil and natural gas. The company leverages its global leadership in carbon management to advance lower-carbon technologies and products. Headquartered in Houston, Occidental primarily operates in the United States, the Middle East and North Africa.

“The courtesy visit by company representative Pedro Romero, Vice President of International Exploration OXY alongside ExxonMobil underscores Trinidad and Tobago’s capacity to attract the attention of leading international energy investors and reflects confidence in this country’s energy potential and long-term investment prospects.”

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Recently, Venezuela and Trinidad and Tobago held a meeting to discuss cooperation in the management of potential cross-border hydrocarbon spills, alongside the reported oil spill at Riser Platform No. 2, Main Soldado field, Gulf of Paria, where they agreed to continue to exchange information as scientific work and technical investigations continue.

The discussions underscored the shared commitment of the Bolivarian Republic of Venezuela and the Republic of Trinidad and Tobago to maintaining open communication and strengthening regional collaboration in addressing potential cross-border environmental incidents.