A total of 17 offshore blocks are up for grabs as the Minister of Energy and Energy Industries Stuart Young announced the launch of the 2021 TT deep water competitive bid round, in a release, on Friday.
The ministry published the opening of the bid round in the Gazette of the petroleum regulations on Friday, noting that the bid round would be open for six months ending on June 2 at midday.
Successful bids will be announced three months after the close of the round.
“Blocks for this bid round was selected based on internal technical evaluation, nominations as well as proximity to the current deep water development,” Young said.
The blocks are located off the northern and north-eastern coasts of TT. They are: 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.
The release said some of the key provisions of the deep water model production sharing contracts are fiscal stability through a ring-fenced production sharing contract and cost recovery of up to 80 per cent.
Young said he will lead a team from the ministry at the 23rd World Petroleum Congress in Houston, Texas, from December 5 to 8. There, he will address the Congress at the Latin America Ministerial Roundtable and meet with petroleum company execs. In his absence Minister of Finance Colm Imbert will act as minister of energy.