The government is pinning its hopes on a new exploration deal with American multi-national oil and gas corporation ExxonMobil, with Prime Minister Kamla Persad-Bissessar expressing confidence in the success of the project and saying she expects the signing will be the first of many.

Persad-Bissessar made the statement at the signing ceremony for the award of a production-sharing contract for Block TT Ultra Deep 1 (TTUD-1) with ExxonMobil TT Deepwater Ltd at the Prime Minister's Residence and Diplomatic Centre, St Ann’s, on August 12, the 100th day of the new government.

She said some assessments indicate about one-third of the world’s undiscovered conventional oil and gas lies in deepwater basins. As a result, ExxonMobil will spend approximately US$42.5 million (TT$288 million) in the first phase of the project, and the projected development will cost between US$16.4 billion and US$21.7 billion.