Trinidad, BHP Billiton Sign Contracts for Four Deep Water Blocks

By: Caribbean Journal Staff - June 27, 2013

Above: Port of Spain Harbour (CJ Photo)

By the Caribbean Journal staff

Trinidad and Tobago and BHO Billiton have signed production-sharing contracts for four deepwater blocks.

The PSCs for the four blocks were awarded after what Trinidad called the “most successful deepwater bid round in 14 years.” Each PSC has an initial phased exploration period of up to nine years. Where a commercial discovery is made, the contract term is automatically extended to 30 years.

Trinidad’s Ministry of Energy said activity related to the PSCs was expected to generate a “minimum investment of approximately $565 million for the mandatory exploration phases and a further $459 million over the optional exploration phases.”

The signing “has the potential to radically reshape the economic landscape of this country in coming years,” said Energy Minister Kevin Ramnarine.

“It is a significant achievement for the government and the nation as we seek to increase oil and gas revenues, the main contributor to our economic development,” he said. “We look forward to partnering with BHP Billiton to enhance the energy security of this country for this generation and the ones to come.”

Australia-based BHP has operated in Trinidad for 15 years.

“Trinidad and Tobago remains an important part of BHP Billiton’s portfolio,” said Vincent Pereira, country manager for BHP in Trinidad. “This new exploration acreage is evidence of our continuing commitment to Trinidad and Tobago.”

Popular Posts cape santa maria

The Best Caribbean Beach Resort You’ve Never Heard of 

There’s a boat just offshore called “Escape.”  It’s bobbing in some of the most brilliant, dynamic turquoise water I’ve ever seen, a few meters from a stretch of sand so bright and so white you have to squint to look […]

Marriott Is Opening Its New St Regis Resort In Aruba 

aruba st regis inside the restaurant with chairs

It was more than a decade ago that Marriott opened its first-ever Ritz-Carlton resort in the Dutch Caribbean: the Ritz-Carlton, Aruba, which at the time was the island’s first true five-star resort.  Fast forward to 2024, and Marriott is set […]

From All-Inclusive Resorts to Beaches, Travelers Are Falling in Love With Antigua and Barbuda

antigua barbuda frontier airlines the peninsula with sand

The plunge-pool villas at Hammock Cove. The historic streets of Nelson’s Dockyard. Pool days at Sheer Rocks. Unforgettable honeymoons. Vibrant meals of pepperpot and fungee. Beach bar hopping on the south coast. Endless serenity in Barbuda.  Travelers keep flocking to […]

Related Posts Dominica Caribbean Airlines

Caribbean Airlines Is Making It Easier to Visit Dominica

Caribbean Airlines is expanding its service to the Eastern Caribbean island of Dominica, making it easier to take a vacation in the nature-filled paradise. Beginning April 7, the airline will increase its service to Dominica from Trinidad, adding a return […]

British Airways Is Launching New Nonstop Flights to Trinidad

Trinidad British Airways Nonstop

Doubles, anyone?  British Airways is launching new nonstop flights to Port of Spain this month, Caribbean Journal has learned.  The new nonstop route from London Gatwick will launch Sunday, March 26, according to British Airways.  The route will be operating […]

Caribbean Airlines Is Adding Flights for Trinidad Carnival

caribbean trinidad

The Caribbean’s most popular Carnival is back next month, and Caribbean Airlines has announced an expansion of flight services for the festival.  That includes additional flights between Toronto, Canada and Port of Spain, with two flights on Feb. 13 and […]


Sign up for Caribbean Journal's free newsletter for a daily dose of beaches, hotels, rum and the best Caribbean travel information on the net.

No. Thank You