By Sue-Ann Wayow

“For the first time since 2003, Exxon Mobil is coming back to Trinidad and Tobago.” That was the announcement by Prime Minister Kamla Persad Bissessar as she delivered the keynote address at the United National Congress (UNC) Monday night report.

She said government is expected to sign a historic agreement with the oil giant today (Tuesday, August 12, 2025).

The Prime Minister addressed a packed audience at the Couva South Multi-Purpose Hall, Camden Road, under the theme “One Hundred Days of Delivery — From Promise to Prosperity: People Winning, Country Progressing.”

Tuesday marks exactly 100 days since the UNC led by Persad-Bissessar took office and a new Cabinet sworn in following the general election on April 28.

She said, “We agreed on a prudent, phased plan to explore a newly defined ultra-deepwater area known as UD1 Ultra Deep 1, seven blocks off our east coast in 2,000–3,000 metres deep water.”

UD1 sits northwest of Guyana’s Stabroek block.

“In plain terms, this represents a significant new frontier that can supply our LNG and petrochemical plants, create good jobs, embrace and enhance our foreign exchange reserves,” Persad-Bissessar said.

She added, “Tomorrow August 12, exactly 100 days in office, my government will host the largest publicly traded oil and gas company in the world tomorrow, right here in T&T.

“We will sign a multi-billion dollar agreement for ultra-deep sea drilling in our territorial waters, that area has  remained unexplored forever and now they carry enormous potential for capturing hydrocarbon resources. The message of this signing event tomorrow is that T&T is open for business, and investor confidence has returned and is returning to Trinidad and Tobago.”

Exxon Mobil is projected to incur expenditures estimated at US$42.5 million in the mandatory first Phase of the project, and in the event of success, the project development cost could range from US$16.4 billion to US$21.7 billion, Persad-Bissessar said.

She told the meeting, “The benefits arising from this project would be enormous, as deep-water exploration has the potential to deliver large volumes at high margins, more than offsetting the handicap of tying a lot of capital and technical challenges. From a resource owner’s perspective, the potential revenue contribution would be substantial, and likewise, the in-country spend would benefit our local economy.”

This means for citizens that there will be more decent jobs from exploration to services, from Point Lisas to the southland, more reliable fuel and power, which supports lower costs for transport, businesses and households and stronger foreign exchange to stabilise prices.

Reuters reported on August 5 that the Trinidad and Tobago government had agreed to work with Exxon Mobil -an American multinational oil and gas corporation headquartered in Spring, Texas to explore UD1.

Persad-Bissessar also maintained her promise that the plan to re-open the Pointe-a-Pierre refinery remained on the table to protect national fuel security.

She said she received information from Minister of Foreign and Caricom Affairs Sean Sobers relating to expenditure by Trinidad and Tobago in US dollars.

“We are importing with hard US currency, items that we used to produce at the refinery – Kerosene, jet fuel, other energy products which you put in your car. Now we sell our oil and we buy back our refined products with US dollars,” Persad-Bissessar said.

She said with billions in kerosene being imported, “we must work as fast as we can to get our refinery working again.”

“Confidence is being restored. T&T is open for business again, and the whole world is responding, they are seeking us out” Persad-Bissessar said.

That was all the more reason why Trinidad and Tobago must become a safer, cleaner nation, the prime minister added.