Trinidad's Ministry of Energy and Energy Industries has awarded three deep water blocks to a consortium of bp and Shell.
The award ceremony will take place on 26 September, 2023 with the parties signing the material Production Sharing Contracts (PSCs).
The Ministry of Energy and the consortium have been engaged in complex negotiations over the terms and conditions of the PSCs having regard to, inter alia, the fact that the blocks to be awarded are located in deep water and required different and novel considerations due to the nature of the expected exploration and possible future production. Minister Young expressed his pleasure at the fact that these blocks will be awarded and what it means for Trinidad and Tobago as the deep water is a new frontier in the country’s hydrocarbon development.
Source: Ministry of Energy and Energy Industries
