And as for T&T 😊3 Oct 2023 07:34
From the TXP board courtesy of AB76 :
Trinidad and Tobago BudgetToday 01:18
The Budget Statement’s been published at https://www.finance.gov.tt/wp-content/uploads/2023/10/2023.10.02-2024-Budget-Statement.pdf
There’s this on page 60:
“To assist this process, in the Finance Bill 2023, I will make further appropriate adjustments to the supplementary petroleum tax regime for small oil producers in the shallow water areas, similar to what we have done for small onshore producers. We will also re-examine the capital expenditure write-off regime to determine what changes can be made without sacrificing too much revenue.”
It’s followed up on page 128:
“I propose to increase the Sustainability Incentive from 20 percent to 25 percent with respect to the rate of supplemental petroleum tax for any mature marine or small marine oil fields. This will encourage smaller oil producers and lease operators in small and mature marine oil fields to incentivise further their production. In the Finance Act 2023, I also propose to introduce adjustments to the SPT regime for the shallow water areas, similar to what we have implemented for small onshore producers, introducing a new threshold of $75 per barrel for SPT for small shallow water producers. Where feasible, we will also make suitable adjustments to the capital expenditure allowances for small shallow water producers.
“These measures will take effect on January 1, 2024 and will require amendments to the Petroleum Taxes Act, Chap. 75:04.”
Also note page 59, where the Minister states: “I am confident with the near-term outlook for oil production, which is expected to increase from the aggressive drilling programme of Heritage, our largest producer; new production by EOG and Trinity, recent discoveries by Touchstone; and the general fiscal incentives made available to onshore producers and shallow water marine areas in recent times.”
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