Energy Minister Dr Roodal Moonilal said ExxonMobil’s return to TT could be part of reshaping the nation's economic future, but the slow pace of project processes is costing TT billions in revenue.

He was speaking at the Eric Williams Finance Building, Port of Spain, on December 29, as ExxonMobil was given the green light from the Environmental Management Authority (EMA), with a certificate of environmental clearance (CEC), to begin seismic surveys of Block TT Ultra Deep 1 (TTUD-1), which are set to begin in two months.

TTUD-1, a combination of seven blocks east of TT, spans beyond TT’s 5,128km surface area at 7,165 square km and is set to cost Exxon US$42.5 million (TT$288 million) in the first phase.