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.