Auty, Richard, and Alan Gelb, 1986, “Oil Windfalls in a Small Parliamentary Democracy: Their Impact on Trinidad and Tobago,” World Development, Vol. 14, No. 9, pp. 1161–75.
Gupta, Sanjeev, Marijn Verhoeven, and Erwin Tiongson, 1999, “Does Higher Government Spending Buy Better Results in Education and Health Care?” IMF Working Paper No. 99/21 (Washington: International Monetary Fund).
Harrison, P. 1994, “The Impact of Oil in Trinidad and Tobago 1966–1990,” Institute of Social Studies Working Paper Series No. 171.
Ramsaran, Ramesh, 1999, “Aspects of Growth and Adjustment in Post-Independence Trinidad and Tobago,” Social and Economic Studies, Vol. 98, Nos. 1&2, pp. 215–86.
Trinidad and Tobago—Economic Developments and Selected Background Issues, February 1995. IMF Staff Country Report No. 95/16 (Washington: International Monetary Fund).
Trinidad and Tobago—Selected Issues and Statistical Appendix, 1999, IMF Staff Country Report No. 99/67 (Washington: International Monetary Fund).
Prepared by Delia Velculescu.
The increase in the rate of extraction in the 1970–80 period was spurred by the higher oil prices rather than by new resource discoveries.
Of which 820 million barrels are oil reserves, and 3,400 million are gas reserves in equivalent barrels of oil.
Which are 143,567 barrels of oil per day for oil and 573,288 barrels of oil equivalent per day for gas.
Oil and gas reserves have been risked according to industry standards, as reported by the Ministry of Energy. In the case of oil, proven reserves are associated with a 90 percent probability, probable reserves have a 50 percent probability, and possible reserves have a 10 percent probability. Proven gas reserves have a 100 percent probability, probable reserves a 60 percent probability, and possible reserves have a 20 percent probability.
In comparison, during the previous oil booms, energy GDP as a share of total GDP increased from about 20 percent in 1970–73 to an average of 43 percent for the period 1974–80, with a high of almost 50 percent in 1975.
The SPT rates vary from 0 to 45 percent for marine operations and from 0 to 38 percent for land operations.
For a more detailed description of various fiscal instruments used to generate government revenues from natural resources, see the Selected Issues companion to the Trinidad and Tobago Staff Report No. 99/66.
According to their long-term development plan Vision 2020.
The empirical evidence on the relationship between public spending on education and health care and social indicators is mixed. However, some recent studies (such as Gupta, Verhoeven, Tiongson, 1999) have shown that intrasectoral allocations matter, and that shifting expenditures toward primary care and primary and secondary education has a positive effect on reducing mortality rates and increasing school enrollment.