PORT OF SPAIN, TRINIDAD AND TOBAGO –The Ministry of Energy and Energy Affairs (MEEA) announced the names of the companies that successfully bid in the 2013 Deepwater Competitive Bid Round for blocks offshore Trinidad and Tobago.
The blocks are located off the southeastern coast of Trinidad and Tobago and were part of the bidding round that occurred in August 2013 under the 2013 deepwater competitive bid round, and for which bids were received in March 2014.
The consortium for the blocks is committed to first-phased minimum exploration work programs that include the acquisition of 593,053 acres (2,400 sq km) of 3D seismic, and undertaking of additional geologic studies. For the second and third phases, for both blocks, the consortium proposes to drill four wells, each to a depth of 7,218 ft (2,200 m).
Total investment for both blocks is planned at approximately $250 million of which $29.3 million is to be allocated to the first phase of the work programs.
The MEEA will enter negotiations for a production sharing contract for each block, subject to the positive vetting by the Attorney General, he stated. The 2013 round was the third deepwater bid round from MEEA in the past four years.