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Saturday, March 15, 2025

EOG Resources wins two shallow blocks

by

Andrea Perez-Sobers
45 days ago
20250130
Minister of Energy, Stuart Young, signs the award of production sharing contracts to EOG Resources, yesterday.

Minister of Energy, Stuart Young, signs the award of production sharing contracts to EOG Resources, yesterday.

COURTESY: MINISTRY OF ENERGY

T&T's Min­istry of En­er­gy yes­ter­day an­nounced the award of blocks North Coast Ma­rine Area NC­MA 4(a) and Low­er Re­verse L have been award­ed to EOG Re­sources Trinidad.

Min­is­ter of En­er­gy Min­is­ter Stu­art Young signed the two pro­duc­tion shar­ing con­tracts (PSCs) with EOG Re­sources.

The min­istry said the award of these PSCs stems from the Shal­low Wa­ter Com­pet­i­tive Bid Round 2023/2024, which opened on Oc­to­ber 2, 2023, and closed on  May 27, 2024.  

It said in the bid round, en­er­gy com­pa­nies were in­vit­ed to sub­mit bids for shal­low wa­ter blocks off the north, east and west coasts of Trinidad and the west coast of To­ba­go.

At the sign­ing cer­e­mo­ny, Young said, “EOG Re­sources con­tin­ues to be very im­por­tant to the fab­ric of the en­er­gy sec­tor. We saw through the re­sults of the Shal­low Wa­ter Bid Round and the op­er­a­tors are in­vest­ed in T&T. We at the min­istry have to con­tin­ue to en­sure the re­la­tion­ship is as we have built it to be, with open com­mu­ni­ca­tion and then we pro­ceed to get more done.”

In re­sponse, man­ag­ing di­rec­tor of EOG Re­sources Trinidad, George Viera said, “We ap­pre­ci­ate all of the hard work that went in­to get­ting this done prompt­ly. The last time we signed a PSC was in 2005 so it has been a while, ap­prox­i­mate­ly 20 years ago and we are ex­cit­ed to get this go­ing.”

The ex­e­cu­tion of these PSCs, the min­istry said, not on­ly sig­ni­fies the po­ten­tial for in­creas­ing the hy­dro­car­bon re­serves but al­so en­sures lo­cal de­vel­op­ment and eco­nom­ic growth through the pay­ment of fi­nan­cial oblig­a­tions by EOG to the gov­ern­ment for re­search and de­vel­op­ment, train­ing of na­tion­als and schol­ar­ships.  

EOG sub­mit­ted bids for three (3) Blocks: (i) NC­MA 4(a); (ii) Mod­i­fied U(c); (iii) and Low­er Re­verse L.  

These bids were eval­u­at­ed by the Cab­i­net and EOG was the pre­ferred bid­der.  

Block NC­MA 4(a) is sit­u­at­ed in the North Coast Ma­rine Area (NC­MA) in wa­ter depths of ap­prox­i­mate­ly 100-200 m.  

Fur­ther, the min­istry said en­try in­to NC­MA marks a sig­nif­i­cant mile­stone for EOG, as it ven­tures in­to an area pre­dom­i­nant­ly op­er­at­ed by oth­er com­pa­nies.

Block Low­er Re­verse L is sit­u­at­ed off the South East Coast of Trinidad in wa­ter depths of ap­prox­i­mate­ly 80-200 m. It is near the ex­ist­ing EOGRTL in­fra­struc­ture and ex­ist­ing pro­duc­ing as­sets.

From Jan­u­ary to Sep­tem­ber 2024, EOG's pro­duc­tion of crude oil and con­den­sate av­er­aged 1,264 bar­rels of oil per day, while for the same pe­ri­od, EOG pro­duced an av­er­age of 338 mil­lion stan­dard cu­bic feet per day of nat­ur­al gas.


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