06:52 AM EDT, 08/13/2025 (MT Newswires) -- Exxon Mobil ( XOM ) could invest up to $21.7 billion in Trinidad and Tobago if it discovers oil and gas reserves in a deepwater block awarded to the energy giant, several media outlets reported Wednesday, citing a speech by the country's Energy Minister Roodal Moonilal.

Exxon Mobil ( XOM ) will spend an estimated $42.5 million in the first phase of the project, and potential success in the early stages could see investments between $16.4 billion and $21.7 billion, Trinidad and Tobago Prime Minister Persad Bissessar said, according to local media.

At an event in Port of Spain, the government of the Caribbean country signed a production sharing contract with Exxon Mobil's ( XOM ) local subsidiary for Block Trinidad and Tobago Ultra Deep 1, reports said.