Niko Bags Stake in MG Block Offshore Trinidad and Tobago
- Business & Finance
Niko Resources Ltd. unveiled today that the Trinidad and Tobago Government has approved the assignment to Niko of an interest in the Mayaro-Guayaguayare Bay block (“MG Block”).
The MG Block lies just offshore of the southeast corner of the island of Trinidad and is adjacent to Niko’s 2(ab) block to the northeast and Niko’s Guayaguayare block to the southwest. The block lies between the onshore Beach, Navette, and Balata East producing oil fields and the offshore Galeota producing oil field.
Niko will operate and hold a 70% interest. The block covers 55,000 acres and is located in water depths of less than 25 meters.
When combined with previously announced acreage as summarized below, the company now has an interest in nine blocks in various proven hydrocarbon basins with potential for oil and/or gas discoveries. All blocks other than the MG Block (Exploration and Production License) are managed by Production Sharing Contracts.
Offshore Energy Today Staff, December 19, 2011; Image: Niko Resources