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Range Resources has welcomed Government’s recent approval and adoption of budget incentives for oil and gas companies introduced by Finance Minister Larry Howai in his 2014 Budget statement. The company said in a statement yesterday that the incentives, which will reward companies with accelerated development and exploration programmes, are expected to have a significant positive impact on its cash flows and returns from ongoing production growth. These changes are effective retrospectively from January 1, 2014.
CEO Rory Scott Russell said: “Range is fully committed to growing its business in Trinidad and we are therefore delighted with the ratification of these new positive fiscal incentives. Operating in a favourable economic environment will bring significant benefits to the company as we continue to increase production and unlock value from our core development assets in Trinidad.”
In his Budget presentation last September, Howai announced that from 2014 to 2017 oil and gas firms will be able to recover 100 per cent of their costs in their first year of exploration.