Energy Minister Stuart Young yesterday announced the launch of the 2021 T&T Deep Water Competitive Bid Round.
The Opening of the Bid Round was marked by the publishing in the Gazette of the Petroleum Regulations (Deep Water Competitive Bidding) Order, 2021, yesterday.
The Bid Round will be open for six months, with the deadline for submission being June 2, 2022 at noon.
Successful bidders will be announced three months following the close.
Blocks for this Bid Round were selected based on internal technical evaluation, nominations as well as proximity to the current Deep Water development.
Seventeen offshore deep water blocks are on offer namely, Blocks 23 (b), 24, 25 (a), 25 (b), 26, 27, TTDAA 1, TTDAA 2, TTDAA 4, TTDAA 8, TTDAA 9, TTDAA 11, TTDAA 15, TTDAA 25, TTDAA 26, TTDAA 28 and TTDAA 29, located off the northern and eastern coasts of T&T.
“Some of the key provisions of the Deep-Water Model Production Sharing Contract are fiscal stability via ring-fenced Production Sharing Contract, Cost Recovery up to 80 per cent and the Minister is required to pay taxes and royalty on behalf of the contractor out of the Government Share of Profit Petroleum. The Minister’s Share of Profit Petroleum and the minimum work obligations are biddable items,” a release from the Energy Ministry stated.
Young also announced that he will be leading a team from the Ministry of Energy and Energy Industries at the 23rd World Petroleum Congress in Houston, Texas, from Sunday to Wednesday where he will address the Congress at the Latin America Ministerial Roundtable and meet with executives from the petroleum companies.
The Ministry’s team will also have a booth at the event’s exhibition hall, where they will engage with stakeholders to promote the 2021 Deep Water Competitive Bid Round.
Finance Minister Colm Imbert will act as Minister of Energy and Energy industries in Young’s absence.