Oil companies make 16 bids to explore in South Trinidad

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Oil companies make 16 bids to explore in South Trinidad

Eight oil companies have submitted 16 bids to explore some eight blocks onshore and nearshore on offer in south Trinidad.

This was revealed on Monday, when tenders were open at the Ministry of Energy in Port of Spain.

Energy Minister Stuart Young said the number of bids was unsurprising and it showed confidence by the companies in T&T’s energy landscape.

Young said companies would soon be allowed to bid for 20 shallow water blocks, in Q1 of 2023, (with deep water bid rounds launched last December.)

He said TT had produced three billion barrels of crude oil in its long 100-year history in the sector, yet the Government still wants to attract more exploration.

Young said the geology at the blocks under bid offered “significant untapped potential.” He said his ministry had offered companies extensive data regarding the blocks and had promoted the bid round including at international conferences.

While the onshore and nearshore bid rounds had run for six months, he promised a notification of the results in three months. Each contract will be awarded for six years in the first instance, with possible renewal for 25 years and then for periods of five years.

Young said the bid rounds were done to benefit the entire country and its future generations, and said despite a tendency in TT for people to tend to personalise things, the reality of energy sector administration was more akin to a revolving door.

Primera Oil and Gas Ltd submitted the most bids, for five blocks, namely Cipero, Tulsa, Charuma, St Mary’s and Guayaguayare Onshore.

Eco Oil and Gas Solutions bid for three blocks – Tulsa, Cipero and Guayaguayare Onshore.

Hunter Resources Corporation made three bids – Buenos Ayres, South West Peninsula Onshore and St Mary’s.

Decker Petroleum Marketing Company Ltd and AV Oil and Gas Ltd each made one bid, that is for St Mary’s.

NABI Construction bid only for Aripero.

Challenger Energy Group bid only for Guayaguayare Onshore.

Trinity Exploration and Production TT Ltd bid for only Buenos Ayres.

No company bid for the Cory D, Cory F and South West Peninsula Offshore blocks.