The 2025 Deepwater Bid Round closed today, revealing that the Ministry of Energy and Energy Industries received bids for four blocks. Three of the four bids came from the Chinese energy company, CNOOC International (China National Offshore Oil Corporation).
CNOOC has placed bids for blocks TTDAA 30, TTDAA 25, and TTDAA 24. The other bid was received from STIT Energy and Ground Ports Consortium for block TTDAA 5.
The company is also a minority shareholder in the Stabroek block offshore Guyana. CNOOC holds a 25% share, while ExxonMobil is the operator with 45%, and Chevron (formerly Hess) holds 30%.
The bid round, which was launched in January 2025, invited bids for 26 deepwater blocks in the Eastern Marine Area of Trinidad, cumulatively covering 28,177 square kilometers.
Minister in the Ministry of Energy and Energy Industries, the Hon. Ernesto Kesar, explained that the next step is the commencement of the evaluation process.
According to the Minister, the bid proposals will be reviewed by a Technical Evaluation Committee and an Overview Committee. These committees were established by Cabinet and are comprised of representatives from the Ministry of Energy and Energy Industries, the Ministry of Finance, and the Office of the Attorney General. The reports and recommendations from these committees will then be submitted to the Cabinet for approval, he added.
He said "Successful bids will be announced within three months. The successful bidder will be issued a production sharing contract for an initial period not exceeding ten years. Upon achieving a commercial discovery, the contract may be renewed for a term of twenty-five years, but only for the portion of the contract area where the discovery was made, effective from the date of the original contract."