BP P.L.C. (NYSE:BP) and Shell PLC (NYSE:SHEL) have received licenses for exploration in three deepwater blocks from the government of Trinidad and Tobago. The decision follows complex negotiations and is aimed at boosting the country's hydrocarbon development. The blocks are located in deep water and require different and novel considerations due to the nature of the expected exploration and possible future production. The contract comes almost nine months after Trinidad's government refused bids initially submitted by the consortium for failing to meet minimum thresholds.