Results of the latest deepwater bid round are being announced this week. This round saw considerably more success than past ones; in this context, could you elaborate on the changes in the structure of these biddings rounds compared to previous rounds?

Senator the Honourable Kevin C Ramnarine, Minister For Energy and Energy Affairs

We made a number of changes to the fiscal regime for this bidding round. First, we increased the rate of cost recovery to 80 % (the recovery rate was 60 % in prior rounds). Second, we ...