Exxon Mobil's (XOM) oil and gas prospects are advancing off the coast of Trinidad and Tobago, the Financial Times reported Tuesday, citing an interview with John Ardill, the company's head of global exploration.

Exxon negotiated a production-sharing agreement in seven months, about half the usual time, and secured a seismic vessel in just six months, the report said.

Exxon expects to decide by mid-2027 where to drill its first well, with a successful result enabling the company to deploy its rapid development model and AI tools, the report said.

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