BP, Shell and EOG vie for acreage in Trinidad's oil and gas auction

Trinidad and Tobago received six bids from BP (BP.L), opens new tab, Shell (SHEL.L), opens new tab and US shale producer EOG Resources (EOG.N), opens new tab on four blocks to explore for oil and gas as its 2023 shallow water auction closed on Monday.

Trinidad plans to announce the winners in four months, Energy Minister Stuart Young said at the closing of the auction.

All three companies bid for the Modified UC block, which is close to the Teak, Sammaan, Poui producing fields. The auction had no other bidders.

Trinidad is Latin America's largest producer of liquefied natural gas (LNG), with installed capacity of 15 million metric tons per year of the super-cooled gas. It also is one of the world's biggest exporters of methanol and ammonia, but its plants have been operating below full capacity in recent years due to a lack of gas.

In October 2023 the Trinidad government put out 13 blocks for bids. Monday's results mean that nine of the 13 blocks did not receive any interest and all the bids were from companies already operating on the Caribbean island.

News.Az