Trinidad and Tobago launches deepwater bid round

Trinidad and Tobago’s Ministry of Energy and Energy Affairs launched the 2012 Deepwater Bid Round late last month in which it offered deepwater areas on six blocks off northeastern and eastern Trinidad and Tobago.

The six blocks on offer are TTDAA 1, TTDAA 5, TTDAA 6, TTDAA 28, TTDAA 29 and Block25(a). On average, the blocks exceed 100,000 hectares and lie in 600-1,500 m of water, the ministry said.

Energy Minister Kevin Ramnarine said there had been 20 nominations for the blocks. Ramanrine argued that the discovery of oil in the deep water off French Guiana and the drilling being conducted by Repsol in Guyana had increased interest in the general basin, Trinidad and Tobago included.

Ramanrine said that under the latest bid round, the 2005 taxable production-sharing contract no longer applies, meaning that the country has reverted to a system in which the taxes are paid out of the minister’s share of the profit oil.

Ramnarine said the bid round will be closed on July 30. Decisions will be made by Oct. 30.

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