Trinidad and Tobago (T&T), which has had oil drilling operations since 1857, 2 years prior to the Drake well in Pennsylvania, closed another bidding round this week. In this Shallow Water Bidding Round, they received bids on 4 of the 13 blocks that were offered.
T&T clearly understands the importance of regular offerings in all areas of their offshore sector. Per the Energy Ministry:
“These bid rounds are aimed at ensuring sustainable exploration and production and maximizing our country’s hydrocarbon resources. Following the successes of the 2021 Deep Water Competitive Bidding Round and the 2022 Onshore/Near Shore Competitive Bidding Round, this Shallow Water Competitive Bidding Round was the third in a series of bid rounds conducted by the Ministry of Energy and Energy Industries.”
Regular sales are even more important in the US given the small lease blocks and thus the need to have access to nearby resources for sustained production and efficient utilization of facilities.
Below are the blocks receiving bids in the T&T sale, and the size of those blocks. US lease blocks are approximately 23 sq km.
| Block | Bidder | Block Size (sq km) |
| Lower Reverse L | EOG and BG | 363.64 |
| Modified U(c) | bp and EOG | 767.75 |
| NCMA 2 | bp | 1028.44 |
| NCMA 4(a) | EOG | 1338.47 |
Bud's Offshore Energy (BOE) 