Trinidad and Tobago offer bid blocks

April 15, 2010
Trinidad and Tobago has released the offshore blocks available in its 2010 round of leasing.

Offshore staff

PORT OF SPAIN, Trinidad -- Trinidad and Tobago has released the offshore blocks available in its 2010 round of leasing. The tracts are offered under two protocols, one for shallower waters and one for deepwater (1,000 - 3,500 m (3,281 - 11,483 ft).

The Energy ministry says this year's lease sale is simplified and shortened compared to prior years, has fewer biddable items, forcuses on the work program and share of profit offer, reduces upfront rists, and fixes the bid winner's financial obligations. The biggest difference, the government says, is that the tax system was not attractive to bidders and the new system will be more like a production sharing contract.