En­er­gy Min­is­ter Stu­art Young yes­ter­day an­nounced the launch of the 2021 T&T Deep Wa­ter Com­pet­i­tive Bid Round.

The Open­ing of the Bid Round was marked by the pub­lish­ing in the Gazette of the Pe­tro­le­um Reg­u­la­tions (Deep Wa­ter Com­pet­i­tive Bid­ding) Or­der, 2021, yes­ter­day.

The Bid Round will be open for six months, with the dead­line for sub­mis­sion be­ing June 2, 2022 at noon.

Suc­cess­ful bid­ders will be an­nounced three months fol­low­ing the close.

Blocks for this Bid Round were se­lect­ed based on in­ter­nal tech­ni­cal eval­u­a­tion, nom­i­na­tions as well as prox­im­i­ty to the cur­rent Deep Wa­ter de­vel­op­ment.

Sev­en­teen off­shore deep wa­ter blocks are on of­fer name­ly, Blocks 23 (b), 24, 25 (a), 25 (b), 26, 27, TTDAA 1, TTDAA 2, TTDAA 4, TTDAA 8, TTDAA 9, TTDAA 11, TTDAA 15, TTDAA 25, TTDAA 26, TTDAA 28 and TTDAA 29, lo­cat­ed off the north­ern and east­ern coasts of T&T.

“Some of the key pro­vi­sions of the Deep-Wa­ter Mod­el Pro­duc­tion Shar­ing Con­tract are fis­cal sta­bil­i­ty via ring-fenced Pro­duc­tion Shar­ing Con­tract, Cost Re­cov­ery up to 80 per cent and the Min­is­ter is re­quired to pay tax­es and roy­al­ty on be­half of the con­trac­tor out of the Gov­ern­ment Share of Prof­it Pe­tro­le­um. The Min­is­ter’s Share of Prof­it Pe­tro­le­um and the min­i­mum work oblig­a­tions are bid­d­a­ble items,” a re­lease from the En­er­gy Min­istry stat­ed.

Young al­so an­nounced that he will be lead­ing a team from the Min­istry of En­er­gy and En­er­gy In­dus­tries at the 23rd World Pe­tro­le­um Con­gress in Hous­ton, Texas, from Sun­day to Wednes­day where he will ad­dress the Con­gress at the Latin Amer­i­ca Min­is­te­r­i­al Round­table and meet with ex­ec­u­tives from the pe­tro­le­um com­pa­nies.

The Min­istry’s team will al­so have a booth at the event’s ex­hi­bi­tion hall, where they will en­gage with stake­hold­ers to pro­mote the 2021 Deep Wa­ter Com­pet­i­tive Bid Round.

Fi­nance Min­is­ter Colm Im­bert will act as Min­is­ter of En­er­gy and En­er­gy in­dus­tries in Young’s ab­sence.