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Wednesday, July 2, 2025

Energy Chamber welcomes fiscal measures in 2023 budget

by

1010 days ago
20220926
PETROTRIN Refinery at Pointe-a-Pierre.   Image: KRISTIAN DE SILVA

PETROTRIN Refinery at Pointe-a-Pierre. Image: KRISTIAN DE SILVA

The En­er­gy Cham­bers says they wel­come the mea­sure put in place by the Min­istry of Fi­nance to im­prove the fis­cal en­vi­ron­ment in the en­er­gy sec­tor. In a press re­lease is­sued to­day, the Cham­ber thanked the fi­nance min­is­ter for col­lab­o­rat­ing with the En­er­gy Cham­ber to­ward mak­ing these changes. 

The fol­low­ing is a press re­lease from the En­er­gy Cham­ber: 

"The En­er­gy Cham­ber wel­comes mea­sures put in place by the Min­istry of Fi­nance to im­prove the fis­cal en­vi­ron­ment un­der which the up­stream en­er­gy sec­tor com­pa­nies op­er­ate in Trinidad and To­ba­go. We wish to thank the Min­is­ter of Fi­nance, Hon. Colm Im­bert for col­lab­o­ra­tive en­gage­ment with the En­er­gy Cham­ber to­ward mak­ing these changes. 

The re­duc­tions in the Sup­ple­men­tal Pe­tro­le­um Tax (SPT) rates for new wells in ma­rine fields and the ex­ten­sion and ex­pan­sion of the changes in­tro­duced in 2020 for small on­shore pro­duc­ers are wel­comed and will help the eco­nom­ics of new in­vest­ments in oil projects. The En­er­gy Cham­ber has ad­vo­cat­ed changes in SPT for over a decade and this change rep­re­sents the first ma­jor ad­just­ment for off­shore oil pro­duc­ers. The changes will al­so help cre­ate greater in­vestor in­ter­est in the on-go­ing on­shore bid round. 

The En­er­gy Cham­ber wel­comes the com­mit­ment from the Min­is­ter of Fi­nance to meet with the oil and gas in­dus­try over the next three months to re­view fur­ther po­ten­tial re­forms to the fis­cal regime. There are al­so de­tails of the an­nounced pro­pos­als that will be im­por­tant to clar­i­fy, and get right, if we are to meet the ob­jec­tive of en­cour­ag­ing in­vest­ment in new oil pro­duc­tion."

SEE MORE: Bud­get 2023: Air­bridge, seabridge, fu­el prices in­crease

 

Budget


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