Exxon Mobil could invest as much as 21.7 billion US dollars in Trinidad and Tobago if it finds oil and gas in a new deepwater area.

Energy Minister Stuart Young said the company has been given a large block to explore and plans to begin within six months.”

Exxon has already agreed to spend 42 million dollars on seismic studies and other early exploration work.

This would be Exxon’s first major project in Trinidad in about twenty years. The company has had big success in nearby Guyana, where it has discovered more than 11 billion barrels of recoverable oil and gas.

Officials in Trinidad hope this new project will help strengthen the country’s energy sector and bring more jobs and income. If there are successful finds of commercially valuable hydrocarbons, the Trinidad and Tobago government would no doubt be in line to receive substantial royalties, as well as other economic benefits.

The deal comes as Trinidad is looking for new ways to boost its natural gas production, which has been falling in recent years. If the exploration finds large reserves, it could change the country’s economic future and add to its importance in the regional energy market.