Statoil sole bidder for Trinidad ultra-deep blocks

PORT OF SPAIN, Trinidad Fri Dec 15, 2006 11:53pm GMT

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PORT OF SPAIN, Trinidad Dec 15 (Reuters) - Norway's Statoil Ltd (STL.OL) emerged as the sole bidder on Friday for Trinidad and Tobago's first ever ultra-deep blocks in the Atlantic off the east coast.

Helena Inniss-King, the director of the Resource Management Division at the Ministry of Energy, said she could not say why other companies shied away from making bids but added the government may have to go back and look at some of the fee structures involved.

Companies intending to bid on any of the blocks were required to pay a pre-bid application fee of $800,000.

It also entitled the prospective bidder to the relevant data package, containing 2D seismic lines and data on the respective blocks.

On submission of a bid, bidders were required to deposit a non-refundable bid fee of $50,000 for each block bid on.

The twin-island Caribbean state is the lead provider of liquefied natural gas (LNG) to the United States.

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