ExxonMobil is aiming to replicate the oil and gas boom experienced in Guyana off the coast of Trinidad and Tobago, according to John Ardill, the company’s vice president and head of global exploration. The U.S. energy company, which is the largest shareholder in Guyana’s Stabroek block—home to one of the world’s largest offshore oilfields—is pursuing expansion in the basin located east of Venezuela.

Ardill described Trinidad and Tobago as a natural extension of the Guyana play, noting that development there is moving at a notably faster pace. ExxonMobil reached a production-sharing agreement with the Trinidad and Tobago government within seven months, a process Ardill said typically takes about twice as long in other jurisdictions.

The company also expedited the often lengthy process of securing vessels for seismic data acquisition, completing it in six months—a record timeframe, according to Ardill. These steps are part of Exxon’s broader strategy to accelerate exploration and development activities in the region.

Trinidad and Tobago, a dual-island nation with a long history in oil and gas dating back to its first well in 1857, has seen its crude oil output decline since peaking in the late 1970s. The country’s energy sector has since shifted focus toward natural gas and petrochemicals. However, recent shortages of liquefied natural gas (LNG) feedstocks have put financial pressure on the nation, increasing interest in revitalizing its oil industry.

The main gas export facility, Atlantic LNG, is majority-owned by BP and Shell, each holding 45%, with the remaining stake held by the state-owned National Gas Company of Trinidad and Tobago. A resurgence in oil production could help alleviate some of the fiscal challenges posed by feedstock shortages.

Exxon plans to decide on the location of its first exploratory well in Trinidad and Tobago by mid-2027. Ardill indicated that if this well proves successful, the company intends to apply the rapid development model used in Guyana to the new site, leveraging advanced artificial intelligence tools developed during their Guyana operations.

The company regards its achievements in Guyana as validation of its continued investment in exploration activities, even as some competitors have reduced their commitments in the sector. This approach underscores ExxonMobil’s confidence in the potential of the Caribbean basin as a growing area for offshore oil and gas production.