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TTEITI launches fifth report
The T&T EITI steering committee will be launching the release of its fifth Extractive Industries Transparency Initiative report tomorrow. The theme will be Champagne History| Mauby Reality:
Adjusting to the New Normal, and it will cover the period October 1, 2015 to September 30, 2016.
The report’s findings will provide citizens with a better understanding of T&T’s current economic reality as it will feature snapshots of the economic performance of its extractive sector primarily oil and gas. Given that T&T is highly dependent on oil and gas, the report will also illustrate how the significant decrease in local oil and gas productions has contributed to the country’s declining revenue.
It was assembled by an independent administrator, the local/UK alliance of BDO Trinity Ltd as the lead consultant, supported by Hart Nurse Ltd and will provide snapshots of the payments made directly or indirectly by participating oil and gas companies involved in upstream and associated activities to the Government, along with revenues reported as received by government agencies from those companies during the 2015-2016 period. It will also include an analysis and reconciliation of material payments and receipts in the oil and gas sector in the 2016 fiscal year.
The EITI report will also include a review of the country’s mining sector in this report five mining/quarrying companies participated in the study, two of which are state owned enterprises (SOEs) and three are private companies, as opposed to four during the last reporting period. The report will include royalty payments along with the results of reconciliation for the participating companies.
It will also highlight social expenditures by extractive companies along with a breakdown of the extractive sector’s contribution to the economy.
It will also provide recommendations on how the government can improve areas such as auditing, collecting fees due under production sharing contracts (PSCs), royalty monetisation, improving the mining sector, amongst others. www.tteiti.org.tt.
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