Page 10 - LatAmOil Week 01 2023
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LatAmOil                               TRINIDAD & TOBAGO                                            LatAmOil




























                               BP and Shell submitted joint bids for four of the 17 blocks included in the licensing rounds (Image: MEEI)

       MEEI confirms plan for talks with BP,



       Shell to revise bids for deepwater blocks






                         TRINIDAD and Tobago’s Ministry of Energy   decided to reject the joint bids received from BP
                         and Energy Industries (MEEI) reported on   and Shell. The agency’s sources said the minis-
                         December 30 that it was preparing for talks with   try had not been satisfied with the offers because
                         BP and Shell of the UK on revising the terms of   BP and Shell had offered inadequate signing
                         the offers submitted for four of the blocks in last   bonuses and because the companies would only
                         year’s deepwater licensing round.    commit to drilling new wells on a conditional
                           MEEI confirmed that it had already notified   basis, after evaluating seismic data.
                         both companies of its plan to negotiate changes   According  to  Reuters’  sources,  MEEI
                         in the initial bids for Blocks 23A, 25B, 25B and   intended to seek further discussions to deter-
                         27, saying that discussions would begin before   mine whether BP and Shell would revise their
                         the end of January. “Both BP and Shell were   bids. If not, they said, MEEI would not sign con-
                         informed weeks ago that the ministry would be   tracts for the sites in question.
                         engaging them in discussions and negotiations   The ministry has described Reuters’ article as
                         pertaining to their bids for the four deep-water   misleading.
                         blocks,” it said in a statement. “The parties are   MEEI had originally hoped to announce the
                         expected to commence these discussions and   results of the bidding round last summer, but
                         negotiations in January 2023.”       the auctions did not attract as much interest as
                           The statement was issued after Reuters   anticipated. BP and Shell were the only compa-
                         published an article quoting unnamed sources   nies to submit offers for any of the 17 blocks in
                         familiar with the matter as saying that MEEI had   the round. ™



       Young says oil and gas generated more



       than half of T&T’s revenues in 2022






                         TRINIDAD and Tobago’s Minister of Energy   the country in 2022.
                         and Energy Industries Stuart Young said on   Specifically, Young said that oil, gas and pet-
                         January 1 that the oil and gas industry made up   rochemicals had been directly responsible for
                         more than half of all the revenue generated by   57% of the country’s total earnings last year.



       P10                                     www. NEWSBASE .com                     Week 01   04•January•2023
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