Curtis Williams
OGJ Correspondent
PORT OF SPAIN, July 3 -- Trinidad and Tobago has announced another delay in the closing of bids for exploration licenses for 11 onshore and nearshore blocks.
Helena Innis-King, director of resource management at the Ministry of Energy and Energy Industries, said there was steady interest in the blocks from major oil and gas companies and large independents. The government, however, was trying to maximize benefits from the new production-sharing contracts (PSCs) that it will have to negotiate with companies when the blocks are eventually awarded.
Citing record crude prices, Innis-King told OGJ, "We are getting a fair amount from our present PSCs, which are much better than the old E&P licenses we had with the likes of BP (Trinidad & Tobago). But we feel can get more at the upper end, and that is what we are going for."
Originally scheduled to close Mar. 31, the deadline has been extended three times and is now due to close Aug. 28.
