Trinidad and Tobago received six bids from BP, Shell and US shale producer EOG Resources on four blocks to explore for oil and gas as its 2023 shallow water ...
HOUSTON - Trinidad and Tobago received six bids from BP, Shell and US shale producer EOG Resources on four blocks to explore for oil and gas as its 2023 shallow water auction closed on Monday.
Trinidad is Latin America's largest producer of liquefied natural gas , with installed capacity of 15 million metric tons per year of the super-cooled gas. It also is one of the world's biggest exporters of methanol and ammonia, but its plants have been operating below full capacity in recent years due to a lack of gas.In October 2023 the Trinidad government put out 13 blocks for bids.
Trinidad made several changes to the fiscal terms to attract more bids after the failure of its 2019 bid round, including reducing the tax liability for shallow-water producers, raising cost recovery to 60% from 50%, cutting the windfall tax to 50% from 70%, increasing the exploration period to eight years from six years and lowering the bid fee to $30,000 from $40,000.
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