The Ministry of Energy and Energy Industries has granted an Exploration and Production Licence for the Rio Claro Block to NGC E&P Investments Limited and Primera Oil and Gas Limited, a wholly-owned subsidiary of Touchstone Exploration Incorporated.
The licensee has committed to a minimum exploration work programme which includes the drilling of three wells and the reprocessing of seismic data.
The official Signing Ceremony took place on November 4th at the Head Office of the Ministry of Energy and Energy Industries in Port of Spain.
The E&P licence includes financial obligations to the State such as bonuses, minimum payments, and annual surface rent. Provisions have also been made for training and research and development contributions along with scholarships for nationals.
At the Signing Ceremony, Energy and Energy Industries Minister Stuart Young stated as the Government engages in ongoing exploration of onshore, shallow, and deep-water regions, it is imperative that partnerships with upstream operators are sustained to advance the development of T&T’s hydrocarbon resources and foster a competitive fiscal landscape that encourages investment.