The bid round was earlier open for four months from 5 April 2012 to 30 July 2012 with closing date now extended for the six offshore blocks.
Four of the blocks, TTDAA-1, TTDAA-5, TTDAA-6 and Block 25 (a) lie in the East Coast Marine Area, while blocks TTDAA-28 and TTDAA-29 are located in the Deep Atlantic Area off the northeastern coast.
The Trinidad and Tobago Ministry of Energy and Energy Affairs (MEEA) said the blocks feature a mix of water depths, hydrocarbon play-types and production potential with 2D and 3D seismic data acquired for the risk assessment of the blocks.
A two-phased study was undertaken to understand the Deep Atlantic Area’s tectono-stratigraphic framework and oil system including other acreage enhancement studies carried out by several independent consultants.
The Deepwater production sharing contract had its terms revised where successful bidders will win a contract for nine years and renewals for a period of 30 years from the date of the contract following successful discoveries.
To increase deepwater exploration levels in 2012, the government has introduced further incentives for companies by reducing the petroleum profits tax to 35% from 50%.
The MEEA has also amended the definition of deep water from 1,300ft to 3,280ft for cost recovery rates, which were raised from 60% to 80% in relation to similar PSC interests worldwide.
