What is the nature and significance of Occidental's newly acquired stake in Exxon's offshore Trinidad block?

Occidental Petroleum is acquiring a 10% stake in Exxon Mobil’s deepwater exploration block offshore Trinidad and Tobago—known as UD(1)—which lies in water depths of 2,000 to 3,000 meters and was first acquired by Exxon in August 2025; Exxon was previously the sole owner, and the block borders the prolific Stabroek Block in Guyana, where Exxon and its partners have made over 30 discoveries, fueling speculation about comparable resource potential despite high exploration risk at this early stage.

What are the current exploration activities and timeline for Exxon's UD(1) block, and what decision point follows them?

Exxon is conducting seismic surveys in the UD(1) block, with data acquisition expected to be completed by the end of July, and interpretation of the data could be done by the end of 2026; after reviewing the seismic results, Exxon is expected to decide whether to drill an exploration well, which would provide the first concrete indication of the block’s commercial potential.

Occidental takes 10% stake in Exxon deepwater block offshore Trinidad, sources say

May 26, 2026

Occidental Petroleum is acquiring a 10% stake in Exxon Mobil’s deepwater exploration block offshore Trinidad and Tobago. Seismic data interpretation could reveal resources comparable to the nearby Stabroek Block by late 2026.

reuters

2026-05-26

Occidental takes 10% stake in Exxon deepwater block offshore Trinidad, sources say

2026-08-05

Occidental quarterly profit soars to highest since 2022 on oil rally

Occidental takes 10% stake in Exxon deepwater block offshore Trinidad, sources say

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