10 Jun Occidental Acquires 10% Stake in ExxonMobil Deepwater Block Offshore T&T
London, (Oilandgaspress) – Occidental Petroleum has acquired a 10% stake in ExxonMobil’s UD(1) deepwater exploration block offshore Trinidad and Tobago.
The move brings another major international energy company into one of Trinidad and Tobago’s most closely watched frontier exploration areas, at a time when the country is seeking to rebuild upstream momentum and secure future oil and gas production.
The Government of Trinidad and Tobago recently approved Occidental’s farm-in to the ultra-deepwater block. Prime Minister Kamla Persad-Bissessar told Parliament that the approval allows Oxy to obtain a 10% participating interest in Block TTUD-1, while ExxonMobil remains the operator and retains a 90% participating interest.
Information Source: Read More
No Comments