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The Ministry of Energy has announced that a negotiated Production Sharing Contract (PSC) for Block NCMA 2 has been signed between the Government and successful bidder BP Exploration Operating Company Ltd (BPEOC). The signing took place yesterday at the Ministry’s International Waterfront Complex head office in Port of Spain. The award of this PSC stems from the Ministry’s Shallow Water Competitive Bid Round 2023/2024 which was opened on October 2, 2023 and closed on May 27, 2024.
At the signing, Minister of Energy Stuart Young stated, “The Ministry of Energy and Energy Industries continues to aggressively market and execute concessions to promote exploration and investment in the upstream. This marks the second PSC signed in record time in 2024 and the Ministry of Energy and Energy Industries is committed to working with upstream operators to boost the supply of hydrocarbons and secure Trinidad and Tobago’s energy future.” Block NCMA 2 is situated in the North Coast Marine Area (NCMA) in water depths of approximately 200 metres.
Entry into this block marks a “significant milestone” for BPEOC, as it represents the operator’s first endeavour into the North Coast region, the ministry stated. BP Exploration Operating Company Ltd (BPEOC) and bpTT are both subsidiaries of BP Global. Continued exploration crucial In a separate statement bp said “NCMA 2, located approximately 30 miles off Trinidad’s north coast, opens a new area of exploration for bp in Trinidad and Tobago, as all current production comes from the Columbus Basin off Trinidad’s east coast.
” President of bpTT David Campbell said: “Continued exploration activity is crucial for sustaining our industry and I am very pleased that we have secured this block. The NCMA area is new to bp in T&T and I am looking forward to maximising its potential. Although geographically new to us, we will be able to draw on our 50-plus years of exploration experience in Trinidad and Tobago.
” This announcement is the latest demonstration of bp’s Trinidad strategy to access new basins while maximising production in existing acreage, the company stated. “Since the beginning of the year, bpTT has successfully completed its infill drilling programme, announced the divestment of some of its mature assets, entered into a joint venture arrangement with EOG Resources for the Coconut development and is close to completing the Cypre development drilling campaign,” it added..
