Weekly Report - 24 February 2011 (WR-11-08)

TRINIDAD & TOBAGO | Deepwater drilling. Trinidad & Tobago's energy minister, Carolyn Seepersad-Bachan, revealed that a consortium comprising Spain's Repsol, BHP Billiton (Australia/US) and France's Total SA were among those interested in bidding for an offshore oil exploration block located in Trinidad & Tobago waters. The local press reported the government had received five bids on three of the 11 blocks up for bid for energy exploration. Seepersad-Bachan said that an evaluation process would now take place with successful bids to be announced on 29 April. She said the government believes there is a significant amount of oil to be found in the deepwater and potential for gas to be discovered. If crude is found in commercial quantities estimated to be in excess of 350 million barrels, she said, it will be developed. According to the energy ministry, Trinidad & Tobago currently produces 123,000 barrels of oil per day and approximately 4 billion cubic feet of natural gas per day.