T&T: New Canadian firm signs largest onshore drilling deal

By Aretha Welch, Trinidad Express

September 19, 2008 05:04:00 AM

Canadian newcomer to the local oil and gas scene, Voyager Energy signed its first Production Sharing Contract (PSC) to begin exploration in Trinidad and Tobago’s Central Range yesterday.

During the signing at the Hyatt Regency Hotelin Port of Spain Permanent Secretary in the Ministry of Energy, Leroy Mayers explained that the company which won the bid round for the two Central Range onshore blocks, which were put up by the Ministry of Energy in 2005 will be working alongside national company, Petrotrin, as well as the government of Trinidad and Tobago.

As a result of the nine blocks which were awarded following the government’s most recent bid round the country stands to gain some US $56 million in signature bonuses.

Yesterday’s signing officially began work on two of those nine blocks.

The 108,000 acres which Voyager will now explore as a result of this deal marks the largest onshore award ever given by the Trinidad and Tobago Government, said Petrotrin executive chairman, Malcolm Jones.

Jones called it a significant milestone for this country’s energy industry.

He said it was also the first time in decades that the Central Range (which spans from La Brea in the West to Manzanilla in the East) will be the subject of deliberate exploration and Petrotrin was hoping for a large find.

If Voyager does come up with a find, the relative newcomer on the local scene will join the ranks of both Petro Canada and Canadian Superior, as both Canadian companies found success drilling for energy resources in Trinidad and Tobago recently.