Friday, October 7, 2022

T&T opens bid round; one nearshore, 10 onshore blocks up for grabs

Must Read

OilNOW
OilNOW is an online-based Information and Resource Centre

Trinidad and Tobago’s prime onshore and nearshore oil blocks are up for grabs as the twin-island republic launched a fresh competitive bid round, running up to January 9, 2023.

All interested bids must be submitted by that deadline.

Information from T&T’s Ministry of Energy and Energy Industries indicates that the bid round contains 10 onshore blocks – Aripero, Buenos Ayres, Charuma, Cipero, Cory D, Cory F, Guayaguayare, Southwest Peninsula Onshore, St. Mary’s and Tulsa. These are in the Central to Southern onshore acreage of Trinidad.

The lone nearshore block, Southwest Peninsula Offshore, is located off the southern coast of Trinidad.

Guyana, T&T bid rounds could be hugely successful if key lessons are taken onboard, says advisor on energy | OilNOW

According to the Ministry, the 11 blocks will be governed by Exploration and Production Licences (E&Ps).

“The Model 2022 Exploration and Production Licence’ will ensure that operations are carried out to international standards, and that all parties receive a fair share of revenue generated by the extraction and disposal of crude oil and natural gas,” the Ministry said.

Trinidad has updated the Model E&P to reflect regulatory and economic changes in recent times.

Trinidad pays deepwater royalties, taxes for oil companies, caps cost recovery at 80% | OilNOW

With this bid round, the Ministry said that a state-owned entity “shall be given a participating interest in each block awarded.”

This also includes a carried interest for certain works, payments, and obligations.

The Ministry of Energy said it expects to make an award of the blocks in April 2023.

T&T’s last onshore competitive bid round was held back in 2013; three blocks were successfully awarded and those were Ortoire, Rio Claro and St. Mary’s.

spot_img

Latest News

Guyana aims to be CARICOM region’s arbitration capital, with upcoming Bill

Guyana’s Attorney General and Minister of Legal Affairs, Mohabir Anil Nandlall SC, revealed on Wednesday that the government is...

More Articles Like This

spot_img