Skip to playerSkip to main content
CCNTV6
  • 2 months ago
The 2025 Deep Water Bid Round is closed.

This country has received 4 bids; 3 from one company and another from a partnership between two companies.

Minister in the Ministry of Energy Ernesto Kaser views it as a success, despite what has been classfied as the "largest deep water bid round" in T&T's history.

Alicia Boucher has the details from the Closing Ceremony at the Ministry of Energy.
Transcript
00:00When the 2025 deepwater bidding box opened, the results was four bids.
00:06China National Offshore Oil Corporation International placed bids for TTDAA 24, 25 and 30,
00:13and Nigerian company STIT Energy Limited and an active private company named Groundports Limited
00:20have formed a partnership and placed a bid for TTDAA 5.
00:24The four bids for the four blocks were out of 26 deepwater blocks offered in the 2025 bid round.
00:32This excluded TTDAA 17-23, classified as TT Ultra Deep 1,
00:38for which ExxonMobil signed a US $42.5 million production sharing contract.
00:44And Block 23B, as negotiations are ongoing from the 2021 bid round,
00:49for which BP Exploration Operating Company Limited and BG International, which is now Shell Limited, placed a bid.
00:57Minister in the Ministry of Energy Ernesto Queza outlines what's next relating to the four bids for 2025.
01:04These bid proposals will be reviewed by a technical evaluation team
01:09and overview committee established by Cabinet
01:12and comprised of representatives of the Ministry of Energy and Energy Industries,
01:17the Ministry of Finance and the Office of the Attorney General.
01:21The reports and recommendations of these committees will then be submitted for Cabinet's approval.
01:28Successful bids shall be announced within three months from today.
01:33Queza says the initial production sharing contract will not exceed 10 years.
01:37But upon the achievement of a commercial discovery,
01:41it may be renewed as to a part only of the contract area
01:47for a term of 25 years, effective from the effective date of the production sharing contract.
01:55Nine companies in total requested seismic data packages for the 2025 offering.
02:00Queza notes that about 50% of the deep water acreage,
02:05mostly in the northwestern region, is mainly covered by 2D seismic data.
02:10An agreement was signed in 2022 between the Energy Ministry and Searcher Geodata UK Limited
02:16for a multi-client 3D seismic acquisition project in the Tobago Trough.
02:21Asked how he would rate what has been termed the largest deep water bid round in the country
02:26against the four bids received, Queza says deep water exploration is very expensive.
02:32There are only few, there's only this amount of companies in the world
02:36that explore those depths of water.
02:38So in that regard, I could say with confidence that it was successful.
02:44Queza says the government will be reviewing fiscal incentives
02:47to make the country more attractive in the hydrocarbon sector.
02:51And he is thanking the bidders for their confidence in the 2025 bid round.
02:55In 2021, 17 blocks were offered.
02:59The consortium of BPTT and Shell was the only bidder for four blocks.
03:04Alicia Boucher, TV6 News.
Be the first to comment
Add your comment