A consortium composed of BHP Billiton and BG International won blocks in the recent Trinidad and Tobago offshore bid round, the Ministry of Energy and Energy Affairs (MEEA) announced.
MEEA awarded BHP Billiton Petroleum Pty Ltd. and BG International Ltd. two blocks, Trinidad and Tobago Deep Atlantic Area Blocks Area (TTDAA) 3 and Area 7.
Blocks TTDAA 3 and TTDAA 7 are located off the country’s southeastern coast. MEEA said the consortium committed to first-phased minimum exploration work programs that include the acquisition of 2400sq km of 3D seismic and undertaking of additional geologic studies. For the second and third phases, the consortium proposes to drill four wells, each to a depth of 2200m.
Total investment for both blocks, MEEA said, will be approximately US$250 million, of which US$29.3 million will be allocated to the first phase of the work programs.
Trinidad and Tobago’s 2013 deepwater competitive bid round, was announced in August 2013 and final bids were accepted in March 2014. The round offered six offshore blocks for lease on the eastern coast marine area, deep Atlantic area, and northeast of Venezuela.
According to recent US Energy Information Administration data, in 2013, Trinidad and Tobago had 13.3 Tcf of proven natural gas reserves and holds approximately 728MMbbl of proven crude oil reserves. MEEA’s data states that in 2012, the country produced approximately 1.5 Tcf of dry natural gas.
BG announced in June that it had farmed into the Trinidad and Tobago Deepwater Atlantic Area Blocks 5 and 6, taking 35% equity in both blocks. In March, BG acquired an additional 25% interest in Block 5(c), offshore Trinidad and Tobago, increasing its stake in the block to 100%. According to the company’s 2Q 2014 results, it made a $121 million capital investment on a cash basis in the country.
BG also announced on 4 August that the company intends to enter three basins in the Caribbean in Colombia, Honduras, and Aruba. In Honduras, the company hired ARKeX to conduct a gravity gradiometry survey over a 35,000sq km area. The survey was completed in May.
Image: BG Group
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