British oil company BP has entered into two production sharing contracts (PSCs) with the Government of the Republic of Trinidad and Tobago for new deepwater exploration blocks, located 300km off the north-east coast of Trinidad.
BP was awarded blocks 23(a) and TTDAA 14 in the 2010 / 2011 deepwater competitive bid round in July 2011, with a 100% working interest.
Norman Christie, BP Trinidad and Tobago president, said these frontier blocks cover a new exploration area for BP and the country.
"We are excited to explore for new resources in this under explored deep water region," said Christie.
"With these awards we are pleased to see the confidence that the Government of Trinidad and Tobago continues to place in BP."
Block 23(a) covers approximately 2,600 square kilometres in water depths averaging 2,000m, while Block TTDAA 14 covers a further 1,000 square kilometres in water depths averaging 2,000m.
BP currently holds exploration and production licenses covering 3,600 square kilometres off the east coast of Trinidad. BP's Trinidad operations account for more than half of Trinidad and Tobago's natural gas production and 12% of BP's global production.