…on land as Three Blocks Awarded in 2013 Onshore Bid Round
The Ministry of Energy and Energy Affairs (MEEA) is pleased to announce the names of the companies who were successful in 2013 Onshore Bid Round for three land-based blocks. Energy Minister Senator Kevin Ramnarine said he was pleased with the outcome as it again demonstrated the success of the Government’s policy to continuously offer acreage for exploration of oil and natural gas. He added that the southern basin held the potential for new oil discoveries that can be commercialized through existing infrastructure.
The successful bidders are as follows:
· Ortoire Block: Primera Oil and Gas Ltd (nowTouchstone).
· Rio Claro Block: Lease Operators Ltd.
· St. Mary’s Block: Range Resources Trinidad Ltd.
This was the first dedicated onshore bid round in 15 years. The 2013 Onshore Bid Round received 11 bids from six companies for the three blocks offered when it closed on October 31, 2013.
Some 63,715 hectares of acreage in the country’s prospective southern basin were offered. Arising out of licences to be signed for these three blocks, 12 explorations wells will be drilled, 295 line kilometres of 2D and 60 square kilometres of 3D will be acquired. It is also estimated that the cost of this exploration phase will be in the vicinity of US$55 million and the possible investment arising out of the development-related investment could be at most US$945million.
The 2013 Onshore Bid Round follows on the successfully concluded 2012 Deepwater Bid Round. Both bid rounds are linked to the Government’s policy of increasing oil and natural gas production and realising growth in the country’s hydrocarbon reserves. At present, activity related to land-based production is very high, with 20 workover rigs currently utilised and five rigs drilling on land.
The Ministry of Energy and Energy Affairs
Republic of Trinidad and Tobago
February 12, 2014