Occidental Petroleum acquires a minority interest in Exxon Mobil’s offshore exploration asset in Trinidad and Tobago.
Occidental Petroleum will acquire a 10% stake in Exxon Mobil’s deepwater exploration block offshore Trinidad and Tobago. The deal’s financial terms were not disclosed, but it marks OXY’s entry into the asset previously held solely by Exxon.
Exxon has operated the block independently, with no prior outside investment. The move aligns with OXY’s strategy to expand its offshore portfolio in the Caribbean, though specific production or reserve figures remain undisclosed.
No immediate market reaction was reported following the announcement.