Heritage Petroleum Company says it has successfully completed negotiations with the government of Trinidad and Tobago for a new Exploration and Production license in its offshore acreage.
It says the new license was executed at a signing ceremony today, at the Ministry of Energy and Energy Industries, Tower C, International Waterfront Centre, Wrightson Road, Port of Spain.
In a media release the Company says today’s signing ceremony, which was chaired by Minister of Energy and Energy Industries, Franklin Khan, is the culmination of months of negotiations between the Heritage team and senior officials at the Energy Ministry.
It says this new Exploration and Production License combines the entire acreage of both the previous Trinmar Licensed Area and the North Marine Licensed Area, creating a single block that covers just over ninety-six thousand hectares of offshore acreage.
It says this makes it the single largest offshore exploration and production block on the west coast of the island.
The licenses for the two previous areas expired in November 2019.
Heritage says under the terms of this new agreement the Government will benefit from payments made by Heritage over the 6-year life of the contract amounting to close to TTD$100 million dollars.