ExxonMobil’s latest offshore campaign in Trinidad and Tobago could unlock more than $20 billion in potential investment opportunities, according to a Rystad Energy analysis published on November 6.

Key details from the analysis highlight ExxonMobil’s strategy to pursue one of the Caribbean’s least-explored ultra-deepwater frontiers using a proven exploration model that has delivered transformative results in other basins, a report on online site Oil Now stated on Monday.

Rystad Energy notes that ExxonMobil aims to replicate the approach that identified over 13 billion barrels of recoverable resources in Guyana’s Stabroek Block. The consultancy argues that this playbook demonstrates Exxon’s confidence in frontier basins and the long-term profitability of deepwater oil.

If new discoveries are made, Rystad Energy estimated that ExxonMobil could invest more than $20 billion in the Trinidad and Tobago venture.

The 7,765-square-kilometer concession sits in the Eastern Tobago Basin, with water depths surpassing 2,000 meters. The area consolidates six previously unawarded acreage blocks, representing a significant potential for offshore development.

This marks Exxon’s return to Trinidad after a 22-year hiatus under a production sharing contract. For Trinidad, the development is seen as a potential antidote to years of declining gas production that have stressed an economy traditionally powered by natural gas for electricity, industry, and exports.

Industry observers say the results could reshape Trinidad and Tobago’s energy landscape, offering a much-needed lift to exploration activity and the country’s broader energy strategy.

ExxonMobil has not publicly quantified the immediate resource estimates for the Trinidad project, but a successful campaign could yield substantial upstream and downstream opportunities, including services, fabrication, and supply-chain development, beyond the initial offshore drilling program.