British energy company BP said it signed production sharing contracts with the government of Trinidad and Tobago for a deep-water exploration campaign.
BP takes a 100 percent working interest in two blocks off the northeast coast of Trinidad.
"These frontier blocks are over a new exploration area for BP and the country," Norman Christie, president for BP in Trinidad and Tobago, said in a statement. "We are excited to explore for new resources in this under-explored, deep-water region."
BP said it produced, on average, 408,000 barrels of oil equivalent per day last year from its roughly 1,350 square miles worth of assets in Trinidad and Tobago. The British supermajor said it's the largest producer of hydrocarbons in the country, which accounts for about 12 percent of the company's global production.
The U.S. Energy Department's Energy Information Administration said Trinidad and Tobago is accountable for the majority of the oil production in the Caribbean. Most of the oil production is offshore.