According to sources familiar with the matter, Occidental Petroleum is planning to acquire a 10% stake in a deepwater block offshore Trinidad and Tobago from ExxonMobil.

This move marks a possible further deepening of Occidental Petroleum's resource deployment in the Caribbean region. The specific financial terms of the block have not yet been disclosed, but the deal highlights the ongoing interest and strategic adjustments of energy giants in deepwater exploration assets. Deepwater oil and gas projects have long been a key focus for international oil companies due to their significant resource potential and longer production cycles. This equity change may bring new production growth points for Occidental Petroleum, and also reflects ExxonMobil’s ongoing efforts to optimize its global asset portfolio.