RE: T&T Energy Chamber, followed by PM agreement, followed by...1 Jun 2022 22:32
'... The proliferation of bid-rounds will increase the competition for capital in an energy market that is undergoing transition. While we are acknowledged as a proven hydrocarbon province with substantial unrealized potential, we need to maintain our competitiveness and resilience. This involves the lowering production costs, improving oil and gas production efficiency, an attractive fiscal regime and a more expeditious execution of the regulatory oversight....
As regards potential and un-developed resources Government has been soliciting proposals from upstream operators on the incentives required to stimulate activity for the exploitation of these resources. To that end, the Ministry of Finance in collaboration with the Ministry of Energy and Energy Industries, is conducting a comprehensive review of our oil and gas taxation regime to ensure that Trinidad and Tobago remains an internationally competitive hydrocarbon province. The review encompasses capital allowances, petroleum profits tax, supplemental petroleum tax and royalty, both onshore and offshore, in shallow water and deep-water.....
The outlook for oil production is promising. The recent successes by Touchstone and BHP have reactivated strong interest in oil exploration both on land and offshore. There is currently a suite of prospects that are being pursued by Heritage independently or by joint venture with significant potential. Apart from these activities, there is significant acreage that is not being exploited by Heritage. Accordingly, the Company has been mandated to accelerate its programmes for lease operations, farmouts and joint ventures to avoid the stranding of potential hydrocarbon assets....'
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