Trinidad hints at new bidding round

PORT OF SPAIN, January 25, 2017 – Trinidad and Tobago is mulling a new auction of exploration blocks, acting Minister of Energy and Energy Industries Colm Imbert said late on Tuesday.

Speaking to reporters in Port of Spain, Imbert said preparations were already underway. “The ministry [of energy and energy industries] is currently assessing prospects and in short order will be requesting nominations from upstream companies as part of the process in the selection of blocks for the bid round,” he said, adding that Trinidad would be making acreage available onshore, offshore and in deepwater areas. The round will be held in 2017, Imbert said.

The minister also elaborated on plans to overhaul the fiscal regime for Trinidad’s oil and gas industry. “There is significant disparity in value accruing to Government as compared to that received by energy companies and their associates from the monetization of this country’s hydrocarbon resources,” Imbert noted, saying these interested would need to be realigned.

The minister labelled Petrotrin as “key to improved oil production” in the country. According to Imbert, production currently stands at 71,000 bopd. He expects output to “only marginally” increase, pointing to the forecast number of wells planned for this year. Imbert said 56 development wells are likely to be drilled in 2017, down from 69 last year.

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