Page 10 - LatAmOil Week 01 2023

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.

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