Giants sign T&T oil exploration deals

(Trinidad Express) International energy giants BP and BG Trinidad and Tobago yesterday signed three production sharing contracts (PSCs) for oil and gas exploration as a culmination of last July’s deep water energy bid round. The signing ceremony took place at the Carlton Savannah Hotel, St Ann’s, yesterday.

“Today, we open a new chapter with BP as we commence work in Blocks 23(a) and TTDAA 14, both of which are in the deep water in excess of 1,000 metres,” Energy Minister Kevin Ramnarine said yesterday.

He said the companies’ commitment to the country was evidenced by this signing.

“Collectively, both companies supply about 85 per cent of all the natural gas consumed in this country and are two of the country’s largest taxpayers,” he said.

Ramnarine said it was “no secret” the Energy Ministry recently launched another deep water bid round.

“This opened on April 5, 2012 and was launched three weeks ago. Interest in this bid round has been keen and already companies have made payments for data packages,” he said.

Norman Christie, president of bpTT, yesterday said these frontier blocks were over a new exploration area for BP and the country.

The blocks are located off the northeast coast of Trinidad.

“We are excited to explore for new resources in this under-explored deep water region,” Christie said.

President of BG TT Derek Hudson said he expected the exploration phase to last six years. This is the company’s first wholly-owned local acreage.

BG TT signed a PSC for Block 5d off the east coast of Trinidad.

 

Around the Web

Comments