GOVERNMENT has approved the award of three deepwater blocks to bpTT and Shell.
The Ministry of Energy in a media release on Thursday stated that Cabinet approved of the awards on September 8.
The award ceremony will take place on September 26 with the parties signing the material Production Sharing Contracts (PSCs).
The release stated, “The Ministry of Energy 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 was pleased that the blocks will be awarded and what it meant for Trinidad and Tobago as the deep water was a new frontier in the country’s hydrocarbon development, the release stated.
