On Wednesday, Trinidad and Tobago signed two new production sharing contracts (PSCs) with EOG Resources Ltd., which is already operating in the Caribbean nation.The licenses are part of shallow water areas included in a 2023-24 bidding round in the twin islands, which began in October 2023 and will close in May 2024, according to an online statement from the Ministry of Energy and Energy Industries (MEEI).The new PSCs are Lower Reverse L and NCMA 4(a), selected from the three for which the U.S. oil and gas exploration and production company submitted bids.“
Block lower reverse L is on the Southeast coast of Trinidad island. It has water depths of about 80-200 metres (262.47-656.17 feet). It is near existing EOG infrastructure and producing assets”. The MEEI said.
NCMA 4(a) is located in the North Coast Marine Area, with water depths ranging from approximately 100 to 200 meters. “Entering NCMA represents a key milestone for EOG as it expands into an area primarily operated by other companies,” the ministry stated.
NCMA contains seven gas fields to the north of Trinidad: Bougainvillea, Chaconia, Heliconia, Hibiscus, Ixora, Poinsettia, and Poinsettia Southwest. Discovered between the late 1970s and early 1980s, these fields were brought into production two decades later and are aligned with several gas fields along Venezuela’s coast, according to Wood Mackenzie.“Before the PSCs were signed, negotiations had happened to improve the terms”. The ministry said.
In the third quarter of 2024, Trinidad and Tobago contributed 1,200 barrels per day of crude oil and condensate, along with 225 million cubic feet per day of natural gas to EOG’s production, according to the company’s most recent results.
