The government said it was auctioning off six blocks in waters off the north and northeast coasts. The areas are considered relatively new for explorers.
Bids are due by Jan. 31.
The government said it has introduced a lower tax rate to encourage more energy investments to help address a general decline in exploration, the Platts news service reported Thursday.
The Energy Information Administration, the analytical arm of the U.S. Energy Department, said the country's gas production makes it one of the largest regional exporters of liquefied natural gas.
Trinidad and Tobago is accountable for the majority of oil production in the Caribbean. Most of the oil production is offshore.
BP last year said its national subsidiary produced, on average, 408,000 barrels of oil equivalent per day from its roughly 1,350 square miles of assets in the country.