Occidental Takes 10% Stake in Exxon’s Trinidad Deepwater Block

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Occidental Petroleum is acquiring a 10% working interest in ExxonMobil’s exploration block TTUD-1 offshore Trinidad and Tobago, signaling continued industry interest in the emerging frontier play near the prolific Guyana–Suriname basin.

TTUD-1 covers a substantial ultra-deepwater area in aquatic environments depths of 2,000–3,000 meters and lies northwest of Guyana’s Stabroek block, where ExxonMobil and its partners have reported greater than 30 discoveries and billions of barrels in recoverable resources.

The deal reflects a broader strategy among major oil companies to share exploration risk in high-cost deepwater frontier plays. Since securing operatorship in August 2025, Exxon has continued to lead seismic acquisition across the block, with data collection expected to conclude by July 2026 and full interpretation targeted to year-end.

Geologically, the acreage has drawn interest due to its proximity to the Stabroek direction and similar structures along the Guyana–Suriname–Trinidad margin. The block is considered highly prospective, though its resource possible remains speculative at this stage, with comparisons often made to Exxon’s deepwater portfolios in Guyana and Angola.

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