Trinidad and Tobago nears awards for onshore oil and gas exploration

Challenger Energy

29/05/2023 13:00

By Curtis Williams
       May 29 (Reuters) - The Trinidad and Tobago government
accepted bid recommendations for six of eight onshore oil and
gas exploration blocks, people close to the matter said on
Sunday, setting the stage for awards to be disclosed as soon as
this week. 
    The Caribbean nation has pushed to expand exploration to
counter declines in its oil and gas production. Gas and
petrochemicals provide a large part of its export revenue.
    A decision to award licenses for six of the eight blocks on
offer was taken by the country's cabinet on Thursday on the
recommendation of Trinidad and Tobago Energy Minister Stuart
Young, the people said. Young is scheduled to address an
international energy conference in Miami on Tuesday. 
    Trinidad and Tobago's A&V Oil and Gas Ltd was recommended
for the St. Mary’s block, which had received four bids, the most
of any offer. A&V bested Canadian energy firm, Touchstone
Exploration Inc  TXP.TO , which bid as Primera Oil and Gas
Limited, the people said.    
    Touchstone was recommended for the Cipero block, Eco Oil and
Gas Solutions for the Tulsa block, and Challenger Energy
received for the Guayaguayare block, the people said.
    Touchstone, Challenger and Trinity did not immediately reply
to requests for comment.      
    The Aripero Block will go to Nabi Construction (Trinidad and
Tobago) Ltd, while the Buenos Aires block is to be awarded to
Trinity Exploration & Production Plc. 
    The winning bids were selected based on their willingness to
conduct seismic studies and the number of wells they agreed to
drill. Some winners also agreed to pay signing bonuses, the
people said.
    The energy ministry expects to pursue negotiations with
companies that bid on the two unawarded blocks to gauge whether
they might improve their offers, cabinet sources told Reuters. 

 (Reporting by Curtis Williams in Houston; editing by Diane
Craft)
 ((Curtis.Williams@thomsonreuters.com; +1 346 324 7560;))