Port of Spain, Trinidad and Tobago – Big news don drop for dem oil and gas sector as Exxon Mobil fit drop as much as $21.7 billion if dem find oil and gas reserves for the deepwater area wey dem just win access to. This information come from the Energy Minister, Roodal Moonilal, who chop mouth about the sweet deal during one event wey happen for Port of Spain.
As e be, Exxon don sign production-sharing contract wey go make dem return to Trinidad after 20 years wey dem no dey around. Minister Moonilal no fit hide him excitement as e talk say, “What we are awarding today is larger than the surface area of the country.” (No be small matter oh! Imagine say na your area dem dey talk about.)
Dem say Exxon and Trinidad government sharp sharp negotiate the deal within record time, as Exxon’s Vice President of global exploration, John Ardill, talk say dem gree to use their sabi sabi about Caribbean geology to replicate wetin don work for other areas. Na wah! Wetin dem find was something big, but no one wan give us the koko gist yet.
For sure, Exxon first plan to invest $42 million for 3D seismic exploration and dem fit drill up to two exploration wells for the area. Ardill talk say dem suppose start the first well drilling after dem finish seismic, which go start in about six months. (So if you wan build house for your area, e get waiting dem dey do for the sea, abeg!)
This Exxon-led consortium don already report say dem find more than 11 billion barrels of recoverable oil and gas for Guyana side, so everybody dey watch as dem eye dem go turn to Trinidad. Ardill add say, “While this is still frontier exploration, it has great potential in this ultra deepwater area.” (E no be only Guyana dey shine, Trinidad dey on top too!)
Trinidad self don get small success for deepwater exploration with companies like BHP, Woodside, BP, and Shell. Minister Moonilal even talk say some of the discoveries don dey move to commercial levels, which mean money don begin dey follow. Bet say if dem confirm reserves for Exxon, dem go fit ramp up production faster than how dem do for Guyana because Trinidad already get oil and gas infrastructure. (No be to check wetin dey under sea, na wah oh!)
Ardill confirm say Exxon plan to use equipment wey dem get for Guyana and Trinidad to speed up exploration, which mean everybody fit splash cash real quick. Trinidad Prime Minister Kamla Persad don promise say dem go check the fiscal terms to attract more investment to the energy sector. As she talk, “Trinidad will not wait for the end of any energy era.” (So, dem no dey slack at all!)
For context, na wetin dey happen we go dey observe as Exxon step back into Trinidad’s oil affair. All eyes dey watch to see how dem go balance potential environmental impacts with the chances for local economic growth. As e be now, palm wine don dey ready, and we dey gist about how money fit flow for Trinidad if everything work as planned.
