Shell bid solely on the Modified UC block offshore Trinidad and Tobago. Credit: Saknarong Butsabong/Shutterstock.com.

Trinidad and Tobago has received bids from energy majors BP, Shell, and EOG Resources on four blocks for oil and gas exploration as part of 2023 shallow water auction, reported Reuters.

Trinidad and Tobago Energy Minister Stuart Young was cited by the news agency as saying that the government plans to announce the winners in four months time.

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All three companies submitted bids for the Modified UC block, which is located close to the Teak, Sammaan, Poui producing fields.

However, the auction received bids from no other bidders.

The government offered 13 blocks in the auction in October 2023, but only four attracted bids, all from companies already present in the country.

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EOG Resources showed interest in three blocks including Modified UC; the Lower Reverse L, which is west of Shell’s Manatee discovery; and NCMA 4.’

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Shell bid solely on the Modified UC block, while bp targeted the NCMA 2 block, which lies north of Trini’ad’s Columbus basin.

To attract more bids, following failure of its 2019 bid round, Trinidad revised its fiscal terms, reducing tax liabilities, increasing cost recovery, lowering the windfall tax, extending exploration periods, and reducing bid fees.

In addition, bp is in talks with EOG to jointly develop the Coconut natural gas field off the coast of Trinidad and Tobago, reported Reuters citing the British company. 

The field is estimated to hold about one trillion cubic feet of natural gas. It is planned to be tied back to another bp discovery.

Planned to be commissioned in late 2026, the field is expected to feed Atlantic LNG, Trinidad’s LNG project.