Trinidad receives 16 bids for oil, gas onshore blocks (updated)

Challenger Energy

09/01/2023 20:13

(Adds context, details)
    By Curtis Williams
       PORT OF SPAIN, Jan 9 (Reuters) - Trinidad and Tobago
received a total of 16 bids for exploring and developing oil and
natural gas at eight onshore blocks in its most recent bidding
round, the country's Energy Ministry said on Monday.
    Trinidad in recent years has redoubled efforts to lure
foreign investors to its energy industry, especially to boost
exports of everything from liquefied natural gas (LNG) to
petrochemical products. But the results of recent offshore
bidding rounds have fallen short of expectations. 
        The Caribbean nation's government also is increasing
pressure over producers to boost natural gas output in the
coming years to restart an idled liquefaction train and feed
other facilities. 
  
    Out of 11 onshore and near-shore areas offered in this
round, which was Trinidad's first auction of onshore areas in a
decade, the St. Mary's block received the most bids, the Energy
Ministry said. 
    The 16 bids were submitted by small energy firms, including
Hunter Resource Corporation and Challenger Energy Group. The
round's winners are expected to be announced in the coming
months.
    Companies which submitted bids must file technical and
commercial evaluation proposals, a minimum work program, minimum
expenditure obligations and a signing bonus. If successful, the
winners will receive an exploration and production license
within 30 days of notification of their offer acceptance.  
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Trinidad prepared to reject BP, Shell offshore exploration bids
-sources    https://www.reuters.com/business/energy/trinidad-prepared-reject-bp-shell-offshore-exploration-bids-sources-2022-12-28/
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 (Reporting by Curtis Williams, editing by Gary McWilliams)
 ((marianna.parraga@thomsonreuters.com; +1 713 371 7559; Reuters
Messaging: @mariannaparraga))