News

Trinidad’s Energy Ministry Awards Pair of Oil Exploration Licences to Petrotrin

By: Caribbean Journal Staff - January 2, 2013 - 1:05 pm

Above: Port of Spain

By the Caribbean Journal

Trinidad’s Ministry of Energy and Energy Affairs has signed two oil exploration and production licences with state-owned Petrotrin.

The licences cover the Trinidad Northern Areas Block and the North Marine Block.

The award of the licences follows several months of negotiations between Petrotrin and the Ministry. Both provide for new work programmes, signature and commerciality bonuses, technical equipment and environmental and other bonuses.

Petrotrin has a six-year term to execute the exploration programmes.

As part of its agreement, Petrotrin is expected to invest approximately $1.1 billion in the Trinmar and North Marine acreages between 2013 and 2017.

The so-called Trinmar Acreage, the TNA Licence Area, comprises 75,737 hectares off the southwest peninsula of Trinidad.

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