Trinidad prepares to launch licensing round
Trinidad and Tobago's government has approved the launch of a new upstream licensing round as authorities look to add new impetus to the country's energy sector, whose contribution to GDP – according to the IMF – is forecast to fall in the coming years.
The Caribbean nation's energy ministry told BNamericas that the process for shallow water areas is due to kick off by mid-November.
The round will offer blocks NCMA 2, NCMA 3, 1(b), 4(c), U(c) and Lower Reserve L, while the call for onshore block Charuma A and B was postponed to 2019, said the ministry, which opened a data room in May.
METRICS
A review of latest field metrics from the energy ministry reveals a dip in activity, as oil and condensate production – stymied by structural challenges, in particular those related to state oil company Petrotrin – hits a six year low while efforts by natural gas operators to advance projects continue to buoy output of that hydrocarbon.
Drilled depth in the first eight months of 2018 totaled 217,142ft versus 302,649ft in January-August 2017. The number of rig days also slid, to 1,008 from 1,370, as did the number of wells started, to 33 from 57.
In a related report, Trinity Exploration & Production, which accounts for approximately 5% of Trinidad's crude oil production, said in an update that it expects all six wells of an onshore drill campaign to be on production next quarter.
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