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LatAmOil TRINIDAD AND TOBAGO LatAmOil

Trinity hails Port of Spain’s

position on energy tax reform

UK-BASED Trinity Exploration & Production of Trinidad and Tobago was taking the appro-
has responded positively to the Budget State- priate steps to create a welcoming environment
ment released earlier this month by the govern- for international oil companies (IOCs). This will
ment of Trinidad and Tobago. In a statement benefit the country in general, as well as Trinity
dated October 11, the company drew attention specifically, said the company’s CEO, Jeremy
to Port of Spain’s “stated intention to stimulate Bridglalsingh.
higher levels of activity and investment in the “The government’s focus on stimulating the
energy sector.” sector could provide significant opportunities
Trinity, whose primary focus is upstream for Trinity,” Bridglalsingh commented. “The
projects in Trinidad and Tobago, expressed its SPT changes that were implemented at the
approval of the Budget Statement’s proposals beginning of this year have already positively
for staging three new licensing rounds and for impacted our cashflow, thereby increasing our
issuing new value-added tax (VAT) bonds in the investment capacity. We will continue to cham-
next fiscal year. Additionally, it hailed the docu- pion tax reform and believe that we are well
ment’s repeated calls for making further reforms placed to bid for any attractive new blocks that
to the country’s taxation regime. become available.” ™
The company did not advocate any specific
plans or proposals for the hydrocarbon sector
of Trinidad and Tobago. However, it did high-
light several provisions of the Budget Statement,
which Finance Minister Colm Imbert presented
to legislators in the first week of October.
Specifically, it responded positively to the fact
that the government was heeding calls for the
review of the energy taxation regime in order to
ensure that the country remained competitive
with other oil- and gas-producing states in the
region. It noted that the review would cover the
three main hydrocarbon taxes – namely royal-
ties, the Petroleum Profits Tax (also known as the
Corporation Tax) and the Supplemental Petro-
leum Tax (SPT), as well existing fiscal incentives,
licensing regimes and production-sharing con-
tracts (PSCs) for hydrocarbon projects.
Additionally, it cited Port of Spain’s state-
ments about the need to ensure that policy
instruments created conditions that allowed oil
and gas to be extracted and sold profitably. Budget Statement 2021, presented by Finance Minister
Trinity went on to say that the government Colm Imbert (Image: Gov’t of Trinidad and Tobago)

GUYANA
Guyana blocks seen yielding 15bn boe

THE Stabroek block offshore Guyana, together region will ramp up dramatically in the course of
with the adjacent Canje and Kaieteur blocks, the next few years,” said Edward Cooper, general
could yield around 15bn barrels of oil equiva- manager of Bourbon Guyana. This is because
lent (boe) as exploration campaigns ramp up, Stabroek is already known to hold at least 10bn
according to marine vessel service provider boe, and Canje and Kaieteur may hold another
Bourbon Guyana. 5bn boe, he said. All three blocks are being oper-
“Production of crude oil over the whole ated by ExxonMobil (US), he noted.

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