More bids than offshore blocks
For the first time since the 2004 bid round, Trinidad and Tobago has received more bids than offshore blocks offered for oil and gas exploration acreage.
A total of 12 bids were received for the six blocks on offer.
The Energy Chamber of Trinidad and Tobago believes that this sends a positive signal for the long-term future of the energy sector.
In a statement last week the chamber said: "The companies submitting bids included a mix of established operators in Trinidad and Tobago and some new players, including companies with a history of developing wildcat acreage."
"The results of this bid round were much more successful than the two previous deepwater bid rounds. The more positive response from the international oil and gas community was a direct result of an improved fiscal regime for the Production Sharing Contracts, investment in improved seismic data and a much more vigorous marketing campaign," the chamber said, adding: "The Energy Chamber has consistently lobbied on behalf of our membership for more competitive fiscal terms, especially at a time when Trinidad and Tobago is facing stiff international competition for scarce upstream investment dollars. The results of this bid round underline the need for Trinidad and Tobago to constantly review our fiscal terms in order to attract the investment we require."
The Minister of Energy has stated that the announcement of winning bids will be made on November 16.