Trinidad and Tobago announced an extension of almost two months for the deadline to submit bids and offers in an auction of oil and gas blocks.
Potential auction of oil and gas blocks
The country stands out as the leading producer of liquefied natural gas (LNG) in Latin America, with an installed capacity of 15 million metric tons per year. The country is also one of the world’s largest exporters of methanol and ammonia.
On the other hand, in recent years the Trinidadian plants have operated below their optimum capacity, due to insufficient gas supply and regularization of the domestic and international markets.
Therefore, in order to facilitate greater participation, the new deadline for the submission of bids has been set for May 27. Bids were originally due by April 2, underscoring the broad commitment to competition and participation in the country’s oil market.
Large exploitation opportunities
One of the characteristics that make Trinidad and Tobago of high interest to the industry are the shallow water areas, considered “as mature”. By demonstrating its high performance, following its exploration and production of more than 2 billion barrels of oil and 20 trillion cubic feet of natural gas.
Last October, the Caribbean country launched the auction, offering 13 oil exploration blocks for theoil and gas exploration and gas exploration blocks in shallow waters. This amount represents more than double the areas included in its previous 2019 auction, demonstrating a clear interest in expanding exploration and production.
Trinidad and Tobago’s high expectations for its natural resources
During the 2019 bidding round, a consortium consisting of Shell and BP submitted bids for three of the six available blocks. However, these proposals were rejected by the government, as they did not meet the minimum threshold.
This background underscores the rigorous and high standards that the government of Trinidad and Tobago sets in its bidding processes, thus ensuring the optimization of its natural resources.
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Source: naturalgasworld.com
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