Occidental Petroleum Acquires 10% Stake in Exxon Block Offshore Trinidad

Occidental Petroleum is acquiring a 10% stake in Exxon Mobil’s deepwater exploration block offshore Trinidad and Tobago, according to two people familiar with the matter.

Exxon was previously the sole owner of the large offshore block, known as UD(1), which lies in water depths of 2,000 to 3,000 meters and was first acquired in August 2025. The sources did not know the value of the deal.

The U.S. major is conducting seismic surveys in the block, with data acquisition expected to be completed by the end of July, Exxon Vice President of Global Exploration John Ardill said this month at the Offshore Technology Conference in Houston. Interpretation of the data could be done by the end of 2026, he added.

The Trinidad acreage borders the Stabroek Block, where Exxon and its partners have made more than 30 discoveries, transforming Guyana into one of the world’s fastest-growing oil producers. Ardill previously told Reuters the block could hold potential comparable to Stabroek or deepwater assets offshore Angola.

Geological similarities between the two areas have fueled speculation that Trinidad’s deepwater could