ExxonMobil, one of the United States largest and most profitable energy companies, has been working on building its substantial portfolio around the international market this year and has now granted a seismic-survey contract to a major Norwegian geoservices company to conduct an extensive 3D seismic acquisition program for the Trinidad and Tobago region. The company has been dealing with the fallout of the Venezuela situation and is aiming for an increased presence in the Caribbean.
ExxonMobil stands its ground on Venezuela and its oil potential
Following the United States ousting of Venezuelan President Nicolás Maduro during the first days of the new year, Trump has now been plotting the next step. He convened a meeting with the top oil company executives in the United States at a high-stakes summit at the White House.
At the meeting, Trump stated that he is expecting the litany of US oil companies to invest up to $100 billion of their own money to upgrade Venezuela’s oil infrastructure, which raised a few eyebrows in the room. Trump is so involved and committed to the situation that he even posted to his social media platform, Truth Social, a picture of his Wikipedia page stating he is the “acting” President of Venezuela.
ExxonMobil defies the US President Donald Trump regarding investing in Venezuela
As the other oil executives at the meeting praised the move by the President, ExxonMobil CEO Darren Woods played a much different game. After the President inferred that the oil companies in the US would need to invest up to $100 billion in Venezuela, Woods stood firm and called the current oil environment in Venezuela “uninvestable”.
Trump then stated, later on during a flight on Air Force One, that he thought Exxon was being “too cute” and threatened not to allow the company to enter the Venezuelan oil market. Which has not gotten the reaction the President was hoping for from the ExxonMobil executives. The reality is that Exxon has its own plans for the Caribbean region.
ExxonMobil has awarded a sizable seismic contract to a Norwegian company
ExxonMobil has boosted its presence in the Caribbean over the past few decades and has now awarded a contract for an exceedingly large 3d seismic acquisition programme to Shearwater Geoservices.
The program relates to Exxon Mobil Trinidad and Tobago Deepwater. ExxonMobil is moving ahead with its plans to ramp up operations in the region and has awarded the contract to the Norwegian offshore seismic vessel player.
Shearwater Geoservices will make use of its high-capacity streamer vessel, Amazon Warrior, to carry out the seismic survey, which will cover roughly 2,316 sq miles of full-fold area in the deepwaters around Trinidad and Tobago.
The notable acquisition is scheduled to take place during the first quarter of this year, and expectations are for the process to take approximately five months to be completed. Following recent developments in Europe, which seen the EU outlining a plan to eliminate Russian oil imports entirely, the United States has now become the number one oil and gas producer in the world.
A new era of US-led oil and gas production is set to sweep across the world
With the US now leading the charge for increased oil and gas production, the reality is that the surge in new developments in Venezuela and the rest of the US interests is expected to drastically increase the output capacity of the US oil and gas market. With US energy companies outlining plans for several new gas pipelines that will transport gas and LNG from the Permian to the growing market in regions such as Texas, with its new AI data centers, the picture has become clear: the US is ringing in the new year with an explosion of oil and gas production.
