Exxon Mobil is looking to replicate Guyana’s oil and gas boom off the coast of Trinidad and Tobago, the company’s head of exploration said, as it pursues expansion in the basin to the east of Venezuela. The oil and gas giant has found success in developing one of the world’s largest oilfields offshore from neighbouring Guyana, as the biggest shareholder in the Stabroek block.
“A lot of people ask, ‘well, where’s the next Guyana?’” John Ardill, vice-president — head of global exploration, said in an interview. “In Trinidad, we moved in as a play extension to Guyana.” Development in Trinidad and Tobago was occurring at a much faster pace than in Guyana, said Ardill. Exxon had negotiated a production-sharing agreement with the government within seven months “which is about half as long as it usually takes on a good day.”
The government of the dual-island nation this year aligned itself with the Trump administration in officially recognising Venezuela’s interim president Delcy Rodríguez, seen as paving the way for greater energy co-operation. BP, Shell, and the government of Trinidad and Tobago are pursuing cross-border agreements with Caracas and Washington to supply the country’s LNG industry with Venezuelan gas.
Ardill said Exxon would make a decision on where to drill its first well by mid-2027. “If we’re successful with that well, we can deploy the Guyana development model — which is extremely fast — and we also have the AI tools developed in Guyana.” Exxon and its partners committed $60bn to developing Guyana’s resources after striking oil in 2015.
Source: Financial Times Companies · Summarized by HeadlinesBriefing