(Updates with ExxonMobil response in the sixth paragraph.)

ExxonMobil (XOM) agreed to terms with the government of Trinidad and Tobago for exploration rights in an ultra-deepwater area off the country's east coast, Reuters reported Tuesday, citing two senior government officials.

The deal includes seven blocks consolidated into a new area called Ultra Deep 1, covering water depths of 2,000 to 3,000 meters, the report said.

ExxonMobil agreed to a signing bonus and a three-phase exploration program, the report said.

The agreement, which may be signed as early as next week, includes terms for royalties, profit-sharing, and cost recovery if oil or gas is discovered, the report said.

Trinidad and Tobago Energy Minister Roodal Moonilal did not respond to a request for comment, Reuters reported.

"We will not comment on third party sources, but we routinely look at opportunities to optimize our advantaged portfolio," an ExxonMobil spokesperson said in a statement emailed to MT Newswires.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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