Prepared by Phebby Kufa and Saqib Rizavi (WHD). The authors benefited from extensive comments by Ms. Sandra Racha (CBTT) and Ms. Carol Bikram (Inland Revenue Board).
According to the Ministry of Energy and Energy Industries (MEEI), this estimate is based on the following probabilities: 90 percent for proven oil reserves; 50 percent for probable oil reserves; 10 percent for possible oil reserves; 100 percent for proven gas reserves; 60 percent for probable gas reserves; and 20 percent for possible gas reserves.
Given that the reserves-to-production ratios are based on existing reserves and current extraction rates, and do not take into account the possibility of any new discoveries, these figures should only be treated as indicative.
For example, British Petroleum, British Gas, BHP Billiton, Chevron Texaco, Total, Talisman, and Repsol.
Trinidad and Tobago’s fiscal regime also offers significant tax incentives to energy producers. The main incentives are an income tax holiday spanning a period of 5–10 years on new investments; exemption from import duties and value-added tax on imports; and exemption from withholding taxes.