Sunday, January 21, 2018

3 companies win bids to drill for oil

Three companies have won bids to explore for oil and gas on land following the Government’s 2013 onshore bid round, the Ministry of Energy said yesterday.

The successful bidders were:

• Ortoire Block: Primera Oil and Gas Ltd (now Touchstone).

• 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 ministry said in a statement.

“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, the ministry said.

“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$945 million,” the statement added.

The 2013 Onshore Bid Round follows on the successfully concluded 2012 Deepwater Bid Round, the ministry said.

“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 said.