Occidental Petroleum is acquiring a 10% stake in an Exxon Mobil deepwater exploration block offshore Trinidad and Tobago.
Exxon previously held sole ownership of the block, designated UD(1).
Exxon first acquired the block in August 2025.
Financial terms of the transaction were not disclosed.
The partnership targets a region geologically similar to Guyana's Stabroek block.
Exxon has made more than 30 discoveries in the Stabroek block.
Exploration risk for the UD(1) block remains high.
Exxon is currently conducting seismic surveys on the site.
The company expects to interpret this data by the end of 2026.
This analysis will determine whether to drill an exploration well.