Gulf Oil and Gas accountACCOUNT

Ministry Launches 2013 Trinidad & Tobago Bid Round

Source: www.gulfoilandgas.com 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 Trinidad’s 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. Mary’s 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.

Acquisitions and Divestitures News in Trinidad and Tobago >>

Namibia >>  5/23/2019 - Calima Energy Limited has entered into an agreement to sell its interest in the Namibia PEL 90 licence (Block 2813B) to Tullow Namibia Limited (Tullow...
Australia >>  5/22/2019 - Vintage Energy has announced an executed binding Heads of Agreement (HoA) with Metgasco to become a joint venture partner in the ATP 2021 permit on th...

Brazil >>  5/22/2019 - Petrobras has expressed interest to the National Council for Energy Policy (CNPE) to exercise the pre-emption rights on the Transfer of Rights surplus...
Argentina >>  5/20/2019 - The Argentinian authorities officially awarded the exploration license of offshore block MLO 124 to an Eni-led consortium. The award is the outcome of...

Mexico >>  5/16/2019 - Ophir Energy has signed a Sales and Purchase Agreement ('SPA') relating to the sale of its 23.33% interest in Block 5 (Cuenca Salina), offshore Mexico...
Australia >>  5/14/2019 - Vintage Energy has executed a binding Heads of Agreement with Firetail Energy Services for it to become a joint venture partner in the EP126 permit (o...

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 


Trinidad and Tobago Oil & Gas 1 >>  2 | 3 |

Oil & Gas Projects in Trinidad and Tobago >>

More News

Related Links

Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.