T&T energy ministry awards licenses to ramp up oil and gas exploration

The Trinidad and Tobago energy ministry on Wednesday announced that it has awarded licenses to three exploration companies for mining in the country.

In a media release Energy Minister Kevin Ramnarine said the companies would operate in three land-based blocks. The awards are based on the 2013 Onshore Bid Round that closed in October last year. There were 11 bids from six companies seeking to explore for oil and natural gas.

The successful bidders are:

1. Ortoire Block: Primera Oil and Gas Ltd (now Touchstone)
2. Rio Claro Block: Lease Operators Ltd.
3. St. Mary’s Block: Range Resources Trinidad Ltd. 

An estimated 63,715 hectares in the country’s prospective southern basin were offered. The companies would collectively drill 12 exploration wells at an estimated cost of US$55 million. The ministry said the possible investment in the project could be as much as US$945million. 

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