Trinidad and Tobago, long reliant on oil production for revenue, faces uncertainty as reserves dwindle. With neighboring Guyana attracting oil majors, attention turns to more invasive exploration practices in hopes of finding similar reserves. Despite being a major oil and natural gas producer, recent sanctions on Venezuela have impacted Trinidad and Tobago’s oil industry. An auction for deepwater exploration blocks saw limited interest, prompting a focus on increasing natural gas output. Exxon Mobil’s return to explore ultra-deepwater blocks offers potential revenue, while the country grapples with falling oil production and the need for economic diversification.

Read more at Yahoo Finance: Can Trinidad and Tobago Escape the Oil Trap?