Country Report

Trinidad and Tobago upstream fiscal summary

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04 July 2018

Trinidad and Tobago upstream fiscal summary

Report summary

Since the early 1990s upstream licences in Trinidad & Tobago have been awarded under Production Sharing Contract (PSC) terms. Much of the country's production, however, is governed by older concession terms, which include royalty and a variety of taxes. This report focuses on the PSC terms. The latest Model PSC was introduced in 2009 for the 2009/10 offshore competitive bidding round, with different terms for different water depths. The latest terms for onshore areas are established in the...

Table of contents

    • Revenue flowchart: Trinidad and Tobago PSC
    • Revenue flowchart: Trinidad and Tobago Concession
    • Basis
    • Licence terms
    • Government equity participation
    • Fiscal terms
      • Ring fencing
        • PSC terms
        • Concession terms
      • Bonuses, rentals and fees
      • Indirect taxes
      • Royalty
        • PSC terms
        • Concession terms
      • PSC cost recovery
      • PSC profit sharing
      • Corporate income tax
        • PSC terms
        • Concession terms
      • Additional profits tax
        • PSC terms
        • Concession terms
      • Product pricing
      • Summary of modelled terms
    • Recent history of fiscal changes
      • PSC terms
      • Concession terms
    • Split of the barrel and share of profit
    • Effective royalty rate and maximum government share
      • PSC terms
      • Concession terms
      • PSC terms
    • Progressivity
      • PSC terms
      • State share versus Pre-Share IRR - oil
      • Concession terms
    • Fiscal deterrence
      • PSC terms
      • Investor IRR versus Pre-Share IRR - gas
      • Concession terms

Tables and charts

This report includes 42 images and tables including:

  • Executive summary: Image 1
  • Executive summary: Image 2
  • Timeline
  • Timeline details
  • Split of the barrel - oil
  • Economic analysis: Image 2
  • Share of profit - oil
  • Share of profit - gas
  • Split of the barrel - oil
  • Economic analysis: Image 6
  • Share of profit - oil
  • Share of profit - gas
  • Bonuses, rentals and fees
  • Indirect taxes
  • Cost recovery
  • Profit sharing - oil
  • Profit sharing - Gas
  • Contractor profit share (shelf oil)
  • Current licence, equity and fiscal terms: Image 2
  • PSC terms
  • Concession terms
  • Effective royalty rate and minimum state share - shelf, oil
  • Effective royalty rate and minimum state share - deepwater, oil
  • Effective royalty rate and minimum state share - shelf, gas
  • Effective royalty rate and minimum state share - deepwater, gas
  • Effective royalty rate and minimum state share
  • Maximum government share and maximum state share - shelf, oil
  • Maximum government share and maximum state share - deepwater, oil
  • Maximum government share and maximum state share - shelf, gas
  • Maximum government share and maximum state share - deepwater, gas
  • Maximum government share and maximum state share
  • Economic analysis: Image 9
  • State share versus Pre-Share IRR - gas
  • State share versus Pre-Share IRR - oil
  • State share versus Pre-Share IRR - gas
  • Investor IRR versus Pre-Share IRR - oil
  • Economic analysis: Image 14
  • Investor IRR versus Pre-Share IRR - oil
  • Investor IRR versus Pre-Share IRR - gas
  • Current licence, equity and fiscal terms: Table 6
  • Current licence, equity and fiscal terms: Table 7
  • Supplementary petroleum tax

What's included

This report contains:

  • Document

    Trinidad and Tobago upstream fiscal summary

    PDF 414.73 KB

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