Young awaiting close of deepwater bid round

ENERGY Minister Stuart Young is eagerly awaiting the close of bids by energy companies to explore TT's deepwater marine acreages for reserves of oil and natural gas.

Young said discussions are ongoing with a consortium consisting of BP and Shell about these deepwater blocks.

"That will be closed off very shortly."

He was speaking to the media after the opening of Trinidad Generation Unlimited's new office in Chaguanas on Tuesday.

Young said on June 2, 2022, at the close of bids for the 2021/2022 deepwater bid round, his ministry had received bids from a consortium of BP, EOG and BG (a Shell subsidiary) on four deep-water blocks – 23(b), 25(a), 25(b) and 27.

He said after the bids were evaluated, Cabinet appointed an inter-ministerial team to negotiate acceptable terms with the bidders for the award of production-sharing contracts for the four blocks. It was expected that the evaluation would be completed within three months.

"However," he said, "the technical and commercial considerations associated with deepwater exploration and development have led to lengthy negotiations."