Exxon Aims to Build on Guyana Oil Success in Trinidad and Tobago

Exxon Mobil Corp. signed a deal to explore for oil and gas off the coast of Trinidad and Tobago, a decade after making the world’s largest discovery in a generation in nearby Guyana.

The Texas oil giant was awarded a 7,165 square kilometer block named TTUD-1 about 190 miles (306 kilometers) off the coast of the Caribbean nation on Tuesday. Exxon has agreed to acquire 3D seismic data over a portion of the block as part of the production sharing contract, Prime Minister Kamla Persad-Bissessar said. The “mandatory” first phase is expected to cost the company $42.5 million, she said.