Page 8 - LatAmOil Week 44 2022

LatAmOil TRINIDAD & TOBAGO LatAmOil

Imbert, shown at an Energy Chamber event (Photo: Facebook/@TTEnergyChamber)

He also indicated that this uptick had caused now contributing TTD10.4bn [$1.53bn] out of
the oil and gas sector to account for a signifi- TTD20.7bn [$3.04bn]. That’s 35%.”
cantly larger share of total tax revenues during Imbert also reported at the event that Trin-
FY 2022. “In 2021, taxation from oil companies idad and Tobago was currently producing
was TTD3.1bn out of total revenue collection around 59,000 barrels per day (bpd) of crude
from taxation of TTD16.8bn [$2.47bn]. So oil oil. The government is interested in seeing this
companies contributed less than 20% of tax col- figure rise and hopes the changes it has made to
lections in 2021,” he said. “In 2022, our prelim- the Supplemental Petroleum Tax (SPT) regime
inary estimates [show that] oil companies are will help stimulate investment, he said. ™

VENEZUEL A
Venezuela reportedly lets IOCs that forego

debts, dividends to quit JVs with PdVSA

VENEZUELAN authorities are permitting
international oil companies (IOCs) to exit their
joint ventures with state-owned PdVSA without
any penalties in light of the US sanctions regime,
on the condition that they forego payment for
past debts and unpaid dividends.
Since 2018, eight of the IOCs involved in
PdVSA’s 44 joint ventures have opted to with-
draw from their projects, either by selling their
shares or returning them.
Among the companies that have been will-
ing to take a loss or relinquish unpaid debts in
return for withdrawal are France’s TotalEner-
gies, Japan’s Inpex and Norway’s Equinor. Both PdVSA has established 44 JVs with foreign companies (File Photo)
TotalEnergies and Equinor withdrew in 2021
from one of PdVSA’s heavy crude oil upgrading partners have technically remained active in the
projects. country on paper, internal PdVSA documenta-
Meanwhile, another seven small firms have tion showed.
exited from Venezuela completely, and 15 JV Several IOCs have reported large-scale losses
projects are now inactive, even though the following their withdrawal from Venezuela.

P8 www. NEWSBASE .com Week 44 02•November•2022