Trinidad Awards Onshore Oil Blocks to Three Bidders

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Above: Trinidad (CJ Photo)

By the Caribbean Journal staff

Three companies have successfully bid for a group of onshore oil blocks in Trinidad, the Ministry of Energy and Energy Affairs announced.

Primera Oil and Gas won its bid for the Ortoire Block, Lease Operators, Ltd won its bid for the Rio Claro Block and Range Resources Trinidad, Ltd won its bid for the St Mary’s Block.

It was the first dedicated onshore bid round Trinidad had held in 15 years, the Ministry said.

The bid round received a total of 11 bids from six companies for the three blocks; bidding closed last October.

The round offered a total of 63,715 hectares of acreage in the country’s southern basin.

As part of the licences to be signed for the blocks, 12 exploration wells will be drilled, the Ministry aid, with a total cost of exploration nearing $55 million.

Possible investment arising out of the development could approach $945 million, the government said.

Trinidad land-based oil production in the country was “very high,” with 20 workover rigs and five rigs drilling on land.

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