PM to sign ExxonMobil Ultra-Deepwater deal today

Prime Minister Kamla Persad-Bissessar will this afternoon sign a Production Sharing Contract with ExxonMobil Trinidad and Tobago Deepwater Ltd. for Block TTUD1 — marking the company’s return to local waters after more than two decades.

The ceremony, hosted by the Ministry of Energy and Energy Industries, takes place from 1:30 p.m. to 2:30 p.m. at the Prime Minister’s Residence and Diplomatic Centre in Port of Spain.

Speaking at her Monday night forum in Couva, Persad-Bissessar said it would be the first time since 2003 that ExxonMobil has re-entered the country, this time to explore a newly defined ultra-deepwater zone known as UD-1 — about 2,000 to 3,000 metres deep and seven blocks off the east coast.

“This represents a significant new frontier that can supply our energy and petrochemical plants, create good jobs, and strengthen our foreign exchange reserves,” she told supporters.

The Prime Minister said the first phase will see ExxonMobil spend US$42.5 million, with development costs projected between US$16.4 billion and US$21.7 billion if commercial quantities of hydrocarbons are found.
“The message
Prime Minister Kamla Persad-Bissessar will this afternoon sign a Production Sharing Contract with ExxonMobil Trinidad and Tobago Deepwater Ltd. for Block TTUD1 — marking the company’s return to local waters after more than two decades.
The ceremony, hosted by the Ministry of Energy and Energy Industries, takes place from 1:30 p.m. to 2:30 p.m. at the Prime Minister’s Residence and Diplomatic Centre in Port of Spain.
Speaking at her Monday night forum in Couva, Persad-Bissessar said it would be the first time since 2003 that ExxonMobil has re-entered the country, this time to explore a newly defined ultra-deepwater zone known as UD-1 — about 2,000 to 3,000 metres deep and seven blocks off the east coast.
“This represents a significant new frontier that can supply our energy and petrochemical plants, create good jobs, and strengthen our foreign exchange reserves,” she told supporters.
The Prime Minister said the first phase will see ExxonMobil spend US$42.5 million, with development costs projected between US$16.4 billion and US$21.7 billion if commercial quantities of hydrocarbons are found.

“The message of this signing is that Trinidad and Tobago is open for business, and investor confidence has returned,” she said.
of this signing is that Trinidad and Tobago is open for business, and investor confidence has returned,” she said.