(Trinidad Guardian) The Cabinet approved the award of three deepwater blocks to a consortium comprising bpTT and Shell. In a news release on Thursday, the Ministry of Energy said the decision was taken by the Cabinet on September 8 and the award ceremony will take place next week on Tuesday with the parties signing the material Production Sharing Contracts (PSCs).
The Ministry 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.
Energy Minister Stuart 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 this country’s hydrocarbon development.