Contracts for five onshore blocks in southern Trinidad were signed between various oil and gas companies and the Ministry of Finance during a ceremony for exploration and production licences on June 21. The licences were awarded following bids from the 2022 onshore and nearshore competitive bid round, which saw 16 bids on 11 blocks in central and southern Trinidad.
In his keynote address at the Ministry of Energy’s offices at the Waterfront in Port of Spain, Young highlighted the vital role of the oil and gas sector in the economic and social development of Trinidad and Tobago. He emphasised its importance as a major revenue earner, foreign-exchange source, and key contributor to domestic downstream activity. Young stressed the necessity of fostering investor participation to maintain a vibrant upstream sector.
The 2022 onshore and nearshore competitive bid round was open from July 8 until January 9, allowing companies six months to submit bids on any of the 11 blocks. A technical evaluation committee and an overview committee, which included representatives from the Ministry of Energy, the Ministry of Finance, and the Office of the Attorney General and Ministry of Legal Affairs, reviewed the proposals. The committees’ reports and recommendations were subsequently approved by the Cabinet.
The awarded contracts included NABI Construction Ltd and Heritage Petroleum Co Ltd for the Aripero block, Oilbelt Services Ltd and Heritage Petroleum Co Ltd for the Buenos Ayres block, A&V Oil and Gas Ltd and Heritage Petroleum Co Ltd for the St Mary’s block, and Primera Oil and Gas (a subsidiary of Touchstone Exploration) and NGC E&P Investments Ltd for the Cipero and Charuma blocks.
After the signing, Young expressed his eagerness to commence production from these blocks promptly. He acknowledged the challenges of finding hydrocarbons in a mature province but noted the potential shown by the signing of five blocks. Young mentioned that more than 20 wells are expected to be drilled in the near future.
Touchstone Exploration Inc (LON:TXP) is a Canadian-based, international upstream oil and gas company currently active in the Republic of Trinidad and Tobago. Primera Oil and Gas is the Trinidadian subsidiary of Touchstone.
