The contract comes alongside ExxonMobil’s expanding exploration program and bp’s planned consolidation of the Calypso gas project, highlighting a developing pipeline of offshore activity across the country.

These opportunities will feature prominently at Caribbean Energy Week (CEW) 2027, taking place in Georgetown, Guyana from July 13–15. The event will bring together governments, operators, investors, financiers and oilfield services providers to examine how expanding exploration and development activity can translate into new projects, contracts and investment across the Caribbean.

Under the terms of the contract, Shell will have access to Northern Ocean’s Deepsea Mira rig for an estimated 150 days as part of the $70 million contract. Scheduled to begin in April 2027, the rig will support Shell’s development campaign in Trinidad & Tobago and the broader Caribbean.

The agreement includes an option for a one-year extension, which could raise the total contract value to roughly $226 million. This award signals a clear strategic pivot for Shell: moving beyond simply managing Trinidad & Tobago’s mature gas portfolio toward active offshore exploration, resource replacement and targeted drilling.

ExxonMobil is also advancing exploration offshore Trinidad & Tobago, building on its experience in neighboring Guyana’s Stabroek Block. The company secured a production-sharing contract for the ultra-deepwater TTUD-1 block in August 2025 and has since progressed seismic acquisition to evaluate prospective drilling locations. ExxonMobil’s Vice President and Head of Global Exploration, John Ardill, has indicated that the company expects to identify its first exploration well location by mid-2027.

The program could create additional demand for seismic interpretation, drilling rigs, well services and offshore logistics as ExxonMobil evaluates the block’s hydrocarbon potential. While drilling plans remain subject to exploration decisions, the company’s entry represents an important addition to Trinidad & Tobago’s deepwater exploration pipeline.

Further opportunities could emerge from bp’s planned acquisition of Woodside Energy’s 70% interest in the Calypso deepwater gas project, announced in August 2026. The transaction, expected to close by the end of 2026 subject to regulatory approvals, would increase bp’s interest to 100% and transfer operatorship of the project to the company.

Calypso contains several offshore gas discoveries and represents a potential source of additional supply for Trinidad & Tobago’s domestic gas market and LNG industry. Its development could generate future demand for subsea infrastructure, engineering, drilling and offshore construction services, depending on bp’s appraisal, development and investment decisions.

Trinidad & Tobago is also seeking to expand its offshore exploration portfolio through competitive licensing. Its 2025 Deep Water Competitive Bidding Round offered 26 offshore blocks, attracting four bids across four blocks when the round closed in September 2025.

Together, these developments point to opportunities across different stages of the upstream value chain, from seismic surveys and exploration drilling to field development, subsea infrastructure and production support.

CEW 2027 will connect drilling contractors, offshore services companies, technology providers and investors with operators and policymakers across the Caribbean. Through industry discussions, project engagement and networking, the event will provide a platform to explore how the region’s emerging offshore activity can translate into new contracts, technical partnerships and investment.