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Friday 21 September 2018
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Energy chamber recommends adjustments to the Supplemental Petroleum Tax

File Photo: Dark clouds hang over the Petrotrin refinery at Pointe-a-Pierre on August 28, the day the board announced its closure affecting thousands of workers. PHOTO BY ANIL RAMPERSAD

As state-owned oil company Petrotrin shifts its focus from refining to exploration and production, the Energy Chamber is recommending that government review the Supplemental Petroleum Tax (SPT) to attract the necessary capital investment.

In its September newsletter, the Chamber noted that increasing production in both the oil and gas sectors in Trinidad had to be urgently addressed with a revised fiscal regime for the sector.

“While some changes were made last year, specifically increases to royalty payments for gas, the government has not unveiled the complete review of the fiscal policy regarding the energy sector.

"One area, in particular, is the review of the Supplemental Petroleum Tax (SPT) system. It would seem that the Government is focused on reform of the gas sector and the oil producers have been pushed to a lower level of priority.”

 

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