China CNOOC hopeful of securing Trinidad and Tobago deep-sea projects

What happened

CNOOC Ltd, China's offshore oil and gas major, said it is hopeful of securing two deep-sea oil and gas blocks in Trinidad and Tobago after successful bids in the Caribbean country's 2025 hydrocarbon auction, an executive said on an earnings call Friday.

Confirmed

Global impact / market context

Securing blocks 24 and 25 would expand CNOOC's overseas production base and give it a stake in a country that is Latin America's largest liquefied natural gas exporter, though the blocks have no existing deep-sea production.

Analyst inference

Trinidad and Tobago held the deep-sea auction in 2025 and currently has no production from its deep-sea acreage, so any awarded blocks would represent new development rather than producing assets, requiring future capital spending.

Analyst inference

What to watch

1. CNOOC said it is in "very smooth communications" with the Trinidad and Tobago government, so a formal award decision on blocks 24 and 25 is the key step to watch. Confirmed
2. Trinidad and Tobago currently has no production from its deep-sea acreage, meaning any development would start from scratch and require significant capital spending over time. Confirmed
3. Because Trinidad is part of CNOOC's "strategic core" areas for overseas investment, an award could shift a share of the company's future capital spending toward the Caribbean. Analyst inference

Evidence

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