Page 7 - LatAmOil Week 28 2022

LatAmOil TRINIDAD AND TOBAGO LatAmOil

Eleven blocks have been included in the current bidding round (Photo: Ministry of Energy and Energy Industries)

It also said the sites included in the licensing This stake will include a carried interest, mean-
round were a single coastal block located off the ing that the government-run entity will not be
southern coast of the island of Trinidad known responsible for covering certain payments, obli-
as Southwest Peninsula Offshore and 10 onshore gations or expenses, it reported.
blocks in the Central to Southern zones known The ministry also noted that the country
as Aripero, Buenos Ayres, Charuma, Cipero, had revised its model E&Ps to reflect economic
Cory D, Cory F, Guayaguayare, Southwest Pen- shifts and changes in the regulatory regime.
insula Onshore, St. Mary’s and Tulsa. “The Model 2022 Exploration and Production
(The coastal block is adjacent to South- Licence will ensure that operations are carried
west Peninsula Onshore, one of the onshore out to international standards and that all par-
offerings.) ties receive a fair share of revenue generated by
The ministry said in its statement that it the extraction and disposal of crude oil and nat-
hoped to announce the winners of the auctions ural gas,” it commented.
in April of next year. The top bidders will have The new licensing round will mark Trinidad
the right to negotiate exploration and produc- and Tobago’s first return to the auction block
tion licences (known as E&Ps) for the sites, it for onshore acreage since 2013. In that year,
noted. the Ministry of Energy and Energy Industries
A participating stake in each E&P will be awarded licences for the Ortoire, Rio Claro and
reserved for a state-owned company, it added. St. Mary’s blocks. ™

COLOMBIA
Council of State says law permitting

unconventional exploration will stand

COLOMBIA’S highest administrative court, The laws in question have been on the books
known as the Council of State, said last week that for several years. But implementation was sus-
it would not proceed with a lawsuit that aimed pended in late 2018, when opponents of fracking
to overturn government regulations permitting first filed suit against Colombia’s government.
the development of unconventional oil and gas Officials in Bogota, led by representatives of
reserves. The court announced its decision in a the Ministry of Mines and Energy, had champi-
statement last week, saying it had determined oned the new laws and described them as a new
that the regulations were valid and should be way to replenish Colombia’s dwindling conven-
allowed to remain in place. tional oil and gas reserves

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