Trinidad and Tobago

Trinidad and Tobago

Launches deepwater licensing round for offshore hydrocarbon exploration

24 Jan 2025

On 24 January 2025, The Petroleum Regulations (Deep Water Competitive Bidding) Order, 2025 was published in the Legal Supplement. The Order established the framework for the Deep Water Competitive Bidding Round 2025, which was officially launched by the Government of the Republic of Trinidad and Tobago on 27 January 2025. The round is the largest auction of exploration areas in the nation's history and forms part of an initiative to reverse the country's decline in upstream hydrocarbon production. Successful bidders will obtain the right to enter into Production Sharing Contract agreements.

The round offers 26 deepwater offshore blocks for oil and gas exploration, with a bidding period set from 27 January to 2 July 2025. While the bid round is open to all stakeholders, the capital-intensive and technologically demanding nature of deepwater exploration suggests that the measure is primarily designed to attract investment from international energy companies.

Nature of measure:
  • Promotion
Type:
  • Entry and establishment (Ownership and control, Approval and admission - other)
  • Promotion and facilitation (Investment promotion)
Industry:
  • Primary (Mining and quarrying)
Inward FDI:
No
Outward FDI:
No
Sources: