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EOG Resources Ltd has been awarded the production sharing contracts (PSC) for shallow-water blocks NCMA 4(a) and Lower Reverse L, the Energy and Energy Industries Ministry announced on January 30.
Energy Minister Stuart Young signed the two PSCs on January 29.
“EOG continues to be very important to the fabric of the energy sector here in TT. We saw through the results of the shallow water bid round (that) the operators are invested in TT," Young said, according to statement on the ministry's Facebook page.
"We at the Ministry of Energy and Energy Industries 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.”
EOG managing director George Viera thanked the ministry's team and said, “We appreciate all of the hard work that went into getting this done in a timely manner. 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 ministry said the PSCs signified the potential for increasing the hydrocarbon reserves in TT. It also said EOG's payments to the government would be used for research and development, training of nationals and scholarships, ensured local development and economic growth.
EOG submitted bids for three blocks: NCMA 4(a); Modified U(c); and Lower Reverse L. These bids were evaluated by the Cabinet-appointed Technical Evaluation Committee and Overview Committee; both comprising senior staff of the energy ministry, Office of the Attorney General and Ministry of Legal Affairs as well as the Ministry of Finance.
Cabinet approved EOG as the preferred bidder for NCMA 4(a) and Lower Reverse L and notified the company of this on to August 23, 2024. EOG accepted the offer to enter negotiations on August 27 and negotiations commenced on September 11, 2024. Upon negotiations on the PSCs, Cabinet approved the award on December 18.
Block NCMA 4(a) is situated in the North Coast Marine Area (NCMA) in water depths of approximately 100-200m. 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 in close proximity to existing EOGRTL infrastructure and producing assets.
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