Cabinet has approved the award of three deep water blocks to a consortium of bp and Shell.

Energy Minister Stuart Young says the Cabinet decision was taken on September 8th 2023, with Material Production Sharing Contracts to be signed at an award ceremony on September 26th 2023.

In a statement, the Ministry says “the consortium have been engaged in complex negotiations over the terms and conditions of the PSCs having regard to, inter alia, the fact that the blocks to be awarded are located in deep water and required different and novel considerations due to the nature of the expected exploration and possible future production.”

It adds that Minister Young is pleased with the award of the blocks and what it means for T&T, as the deep water is a new frontier in the country’s hydrocarbon development.