BHP Billiton the signed four production sharing contracts (PSC) with Trinidad and Tobago for four deepwater blocks that the company won in December. The PSCs cover Trinidad and Tobago Deep Atlantic Area (TTDAA) blocks 5, 6, 28 and 29. TTDAA acreage (40,000sq km) lies to east of producing oil and gas fields in 600-3500m water depths.
Each block has an initial phased exploration period of up to nine years and provides an automatic extension to 30 years for a commercial discovery. Economic activity is expected to generate a minimum investment of about US$565 million for the mandatory exploration phases and US$459 million during optional exploration phases. In the first phases, 5330sq km of 3D seismic will be gathered and at least six deepwater exploration wells will be drilled.