The Government of the Republic of Trinidad and Tobago announced a deepwater competitive bid round for six offshore blocks in the East Coast Marine Area and Trinidad and Tobago Deep Atlantic Area earlier this year. The bid round opened April 5, 2012 and the deadline is September 4, 2012. To stimulate interest, the Government reduced the petroleum profits tax from 50% to 35%. It also added 40 percent uplift and eliminated signature bonus payments as well as increased state participation.
According to the Ministry of Energy and Energy Affairs, the 2012 “bid round will be different from past rounds, taking advantage of revised contractual terms, a more transparent bid evaluation process, and fiscal incentives designed to attract potential investors while optimizing government revenues.”