Trinidad and Tobago seeks offshore bids

Aug. 16, 2013 at 6:55 AM   |   0 comments

PORT OF SPAIN, Trinidad and Tobago, Aug. 16 (UPI) -- Trinidad and Tobago's Energy Ministry said it was putting acreage in deep waters on the auction block for energy explorers.

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.

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