Oil & Gas - Trinidad & Tobago

Unrisked mean reserves for deepwater leads reach 8.98Bboe

Unrisked mean reserves for deepwater leads reach 8.98Bboe

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Unrisked mean reserves for identified leads in Trinidad & Tobago's upcoming deepwater round total 8.98Bboe and 5.59Bboe for risked mean reserves, according to the energy ministry.

The unrisked oil and gas reserves are 5.46Bb and 20.5Tf3 (580Bm3), and 3.28Mb and 13.4Tf3 for the risked reserves.

The ministry also reported it extended to May 21 from May 7 the deadline to submit nominations for the deepwater blocks.

Nominations may be made from 39 areas in water depths ranging from 1,000-3,500m. Companies not familiar with the area may purchase a study from the ministry for US$90,000.

The competitive bid order (CBO) will be published by end-July, with offers to be submitted by the first Wednesday four months from the date of publication of the CBO. Successful bidders will be announced six months after publication of the CBO.

In 2006, the ministry offered eight Atlantic deepwater blocks which only attracted one bid. As a result, the ministry carried out a review of fiscal, contractual and technical aspects to make terms more attractive.