Last update: 05-Dec-2013 11:42 pm
Thursday, December 05, 2013
Trinidad & Tobago Guardian Online
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T&T opens new round of deepwater bids
The Ministry of Energy yesterday officially launched a new deepwater bid round with six blocks being offered to energy companies. The blocks are all in T&T’s deep Atlantic area (TTDAA) and near to the maritime borders with Grenada, Barbados and Venezuela. The blocks are TTDAA 30, TTDAA 31, TTDAA 7, TTDAA 3, TTDAA 2 and TTDAA 1. Block TTDAA 1 was put up in the 2012 deepwater bid round but not awarded.
Energy Minister Kevin Ramnarine, who made the announcement at an event at the Hyatt yesterday, said oil and gas companies had submitted about 19 nominations (from six companies) of blocks that hold their interest for exploration and production. The system is that oil and gas companies are invited to nominate blocks in which they are interested, and based on their nominations, the government selects and puts out blocks for bid.
Ramnarine signed Legal Notice 164, giving legal effect to the bid round, on August 14. The bid round is a de facto silent auction for production sharing rights where the sum bid is only one of the criteria reviewed by the Government’s selection committee. The committee also looks at (and has turned down bidders in the past for) the bidder’s proposed work programme, and its assessment of the bidder’s capacity to deliver.
Yesterday, Ramnarine said: “We estimate that there are about 15 to 20 companies in the world that have the technological capicity to do deep water exploration, some of which are already in Trinidad. So we’re promoting this deepwater bid round internationally. We’ve really been promoting it on the Internet and the interest is good. The deadline for submission of bids is noon on January 31, 2014.
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