Trinidad and Tobago Deep Water Competitive Bid Round 2021
Closure of the Bid Round
The 2021 Deep Water Competitive Bid Round was launched on Friday 3rd December 2021, and remained open for a period of six (6) months. The bid round was officially closed at noon on Thursday 2nd June 2022. This bid round contained seventeen (17) offshore deep water blocks, namely: Blocks 23 (b), 24, 25 (a), 25 (b), 26, 27, TTDAA 1, TTDAA2, TTDAA 4, TTDAA 8, TTDAA 9, TTDAA 11, TTDAA 15, TTDAA 25, TTDAA 26, TTDAA 28 and TTDAA 29, located off the northern and eastern coasts of Trinidad and Tobago.
In total, four (4) bids were received for the deep water blocks from a Consortium comprising two companies, BP Exploration Operating Company Limited and BG International Limited. The bids received were:
- Block 23(b) – BP Exploration Operating Company Limited / BG International Limited
- Block 25(a) – BP Exploration Operating Company Limited / BG International Limited
- Block 25(b) – BP Exploration Operating Company Limited / BG International Limited
- Block 27 – BG International Limited / BP Exploration Operating Company Limited
Current Status of the Bid Round
Following the closure of the 2021 Deep Water Competitive Bid Round on 2nd June 2022, the bids were evaluated, recommendations were sent to the Cabinet and a decision was made to enter into negotiations with the bidders – BP Exploration Operating Company Limited and BG International Limited.
Competitive Bidding Order (CBO)
The Petroleum Regulation (Deep Water Competitive Bidding) Order, 2021 (Erratum) outlined the requirements of bid submission, the maps and descriptions of the blocks, the summary bid form, and the point system used to evaluate bids.
Model Production Sharing Contract (PSC)
These deep water blocks are governed by Production Sharing Contracts (PSC). The Model Deep Water PSC 2021 – positively vetted by the Attorney General ensures that operations are carried out to international standards and that all parties receive a fair share of revenue generated by the extraction and disposal of crude oil and natural gas. The Model PSC has been updated to reflect recent regulatory and economic changes.
A pre-bid fee of USD 40,000 allowed interested parties to participate in this Deep Water Competitive Bid Round. Payment of this fee entitled parties to a data package which provided information on the seventeen (17) blocks on offer and assisted in acreage evaluation as detailed in the Data Package Listing.
Parties were required to execute a Data Use Agreement to obtain access to the Data Package, detailed in the Data Package listing. Further details on the process are outlined in the Procedure for Obtaining a Data Package.
The data package also contained the Local Content and Local Participation Framework.
Virtual Data Room
The Ministry collaborated with Lynx Information Systems Inc. (Lynx) to display a sample of the technical data available for the Bid Round in an online Virtual Data Room (VDR).
The Virtual Data Room is now CLOSED.
Other Useful Links:
Senior Geologist (Ag.)
(868) 225-4334 ext. 2360
Senior Geophysicist (Ag.)
(868) 225-4334 ext. 2371