Last update: 12-Dec-2013 4:50 am
Thursday, December 12, 2013
Trinidad & Tobago Guardian Online
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Energy Minister: Oil production of 82,000 barrels by year’s end
Energy Minister Kevin Ramnarine said he expects 2013 to end with a production rate of 82,000 barrels of oil per day (bopd). Up to October 2013, he said, production was at 81,500 bopd. Production in 2012 was 81,700 bopd. Ramnarine was speaking yesterday at the closing ceremony for the onshore bid round at the Hyatt Regency in Port of Spain. The boxes containing the bids were opened in front of bidders and industry executives. The government received 11 bids on the three onshore blocks. AV Oil and Gas Ltd bid on Rio Claro and Ortoire. Glint Energy LLC and Lease Operators Ltd bid on all three.
Touchstone Exploration Inc bid on Ortoire. Range Resources Ltd and Trinity Exploration and Production plc bid on St Mary's. The minister said the successful bids will be announced before the end of the year: “We will go into the evaluation mode as soon as possible and we will make an announcement by the middle of December.” The onshore bid round officially opened on May 16. Three exploration and Production Licences were offered representing approximately 150,000 acres of state lands in Trinidad’s prolific Southern Basin. These consist of the Rio Claro Block (74,954 acres), the Ortoire Block (44,731 acres) and the St Mary’s Block (37,760 acres). These acreages offer a range of opportunities related to block sizes, production potential and hydrocarbon play types.
There is a wealth of well and seismic data that should reduce the risk and time of exploration and the blocks are located in a proven commercial hydrocarbon province within close proximity to existing infrastructure and producing fields. Successful bidders will be issued exploration and production licences and will also enter into a joint operating agreement with state-owned Petrotrin which will also have a 20 per cent carry in all three blocks on offer. T&T also has a deepwater bid round ongoing which will close in January 2014. The round will offer six offshore blocks for lease on Trinidad’s east coast area and in the offshore area northeast of Venezuela. The blocks cover about 15,400 square miles with water depths from 2,000 to 11,000 feet.
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