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Ministry Launches 2013 Trinidad & Tobago Bid Round

Source: 5/17/2013, Location: South America

The Ministry of Energy and Energy Affairs (MEEA) formally launched the 2013 Trinidad and Tobago Onshore Bid Round on May 16th 2013. The opening of the Bid Round was marked by the publishing in the Gazette of the Petroleum Regulations (Onshore Competitive Bidding) Order, 2013.

This marks the official start of the bidding for three (3) Exploration and Production Licences. Approximately 150,000 acres of State lands in Trinidadís prolific Southern Basin are being offered. These consist of the Rio Claro Block (74,954 acres), the Ortoire Block (44,731 acres) and the St. Maryís Block (37,760 acres).

The Bid Acreage offers 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. Trinidad and Tobago has been commercially producing oil from its land acreage since 1908.

The successful bidder(s) will be issued Exploration and Production Licences and will also enter into a Joint Operating Agreement (JOA) with State-owned oil company, the Petroleum Company of Trinidad and Tobago (Petrotrin). Petrotrin will also have a 20% carry in all three blocks on offer.

Trinidad and Tobago has its own oil refinery, which is owned and operated by Petrotrin. Its current throughput is in the region of 165,000 barrels per day. The 2013 Onshore Bid Round will close on the 30th August, 2013.

Comment from the Minister of Energy and Energy Affairs, Kevin Ramnarine:

The 2013 Onshore-Based Bid Round is historic in that it is the first dedicated Land-Based Bid Round launched by the Ministry of Energy and Energy Affairs since the late 1990s. That Bid Round led to the Carapal Ridge discovery, which is now the Central Block, operated by BG. It is expected that there will be a high degree of interest in this latest Onshore Bid Round from both companies already operating in Trinidad and Tobago and new entrants. The 2013 Land-Based Bid Round is yet another strategy by the Ministry of Energy and Energy Affairs to arrest the decline in oil production.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 

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