Business
Trinidad & Tobago auctioning 6 new blocks for offshore oil and gas exploration
Galeota block off Trinidad & Tobago. Source: Bayfield Energy
The energy ministry in Trinidad & Tobago has revealed that the Persaud-Bissessar administration would be auctioning off six blocks in the waters off the north and northeast coasts for exploration of new oil and gas reserves.
All bids are due by January 31, 2014.
The Persaud-Bissessar administration, in a bid to incentivize new investments in the oil and gas sector, has introduced a lower tax rate to potential explorers to help address a decline in exploration.
The twin-island nation’s gas production makes it one of the largest regional exporters of liquefied natural gas. Trinidad & Tobago is accountable for the majority of oil production in the Caribbean. Most of the oil and gas production is offshore.
Source: UPI