From data to dialogue – How TTEITI supports better decision making

ALISA DEONANAN
Policy Analyst
TTEITI Secretariat

IN TODAY’S evolving economic and business landscape, reliable access to data has become a necessity. Nowhere is this more evident than in the extractive sector which continues to play a critical role in Trinidad and Tobago’s economy.

The Extractive Industries Transparency Initiative (EITI) is a global standard that promotes open and accountable management of natural resources.

Implemented in more than 50 countries, the EITI Standard requires countries to publicly disclose key extractive sector information including revenue, environmental disclosures, contracts, beneficial ownership and state-owned enterprise governance. The aim is to ensure citizens understand how natural resources are governed and how benefits are shared.

In TT, the EITI Standard is implemented through the Trinidad and Tobago Extractive Industries Transparency Initiative (TTEITI).

Through independently verified reports and public data tools, TTEITI brings together government, industry, and civil society to strengthen transparency and accountability in the extractive sector. These disclosures provide insight into how revenues are collected, how companies operate, and how the sector contributes to national development.

In its work, the TTEITI answers a few very basic questions, including – how much does the country earn from the extractive sector? Through an independent audit firm, the TTEITI reconciles payments to Government from oil, gas and mining companies with Government tax receipts.

If there is a difference between the two figures, the auditor identifies the difference and explains the reason for this. In 15 years of reporting, the TTEITI has reconciled approximately $200 billion with unidentified differences amounting to only $4,500, ensuring all monies are accounted for and independently verifying the revenue the country earns from its resources.

The TTEITI also offers a transparent lens through which the country’s foreign exchange dynamics can be better understood. Payments reported by oil and gas companies to TTEITI are analysed to indicate the proportion paid in USD compared to the amount paid in TTD.

For example, data from past TTEITI reports have shown that international oil and gas companies collectively paid hundreds of millions of USD annually to government. These companies remit a host of taxes, royalties, and other statutory payments.

These contributions are vital to bolstering the country's foreign reserves and facilitating imports, debt servicing and other essential transactions. Between 2015 and 2022, the major oil and gas companies paid US$7.4 billion to Government.

Apart from disclosing taxes and forex, another question the TTEITI answers is whether the country’s systems allow us to maximise benefits from our resources.

Through its independent auditor, the TTEITI makes detailed recommendations aimed at improving Government revenue collection, data management, audit and assurance systems.

The TTEITI has also provided analysis on a select group of Government’s production sharing contracts and given recommendations on how to improve profitability of these contracts.

Using Transparency Data for Business Decisions

To further promote the practical use of extractive sector data, the Trinidad and Tobago Chamber of Industry and Commerce, in collaboration with TTEITI, will host a breakfast meeting on January 13, under the theme, Your Business, Our Data: Using TTEITI Insights for Decision-Making.

The session is designed to demonstrate how data from the extractive sector can support informed business decision making, strengthen accountability, and enhance economic resilience.

It also responds to priority issues raised by chamber members, including energy sector tax transparency, governance of state-owned enterprises, environmental disclosures, and ESG readiness. The event will highlight how businesses can use TTEITI data to:

*Understand fiscal and regulatory trends in the energy sector
* Assess risks and opportunities linked to governance reforms
* Strengthen ESG strategies and compliance
* Support evidence-based planning and investment decisions

Programme Highlights

The event will feature perspectives from across policy, academia, and the private sector, including:

* Opening remarks by Vashti Guyadeen, CEO of the TT Chamber of Industry and Commerce
* Remarks by Gregory McGuire, chairman of the TTEITI steering committee
* A feature presentation by Sherwin Long, head of TTEITI, showcasing how the initiative's insights support business decision-making using the latest national data
* An economic outlook and reform analysis by Dr Marlene Attzs, independent senator and development economist
* A presentation on tariff impacts and mitigation strategies by Dr Preeya Mohan, Senior Fellow, SALISES, UWI and;
* Open floor discussion and Q&A with participants

At its core, the session will reinforce a central message: transparency is not only a governance principle but also a practical business tool.

The event will highlight how extractive sector data, when considered alongside national economic trends and policy developments, can provide the private sector with insights that enhance competitiveness, build confidence, and support long-term sustainability.

With accessible, credible, and relevant information, TTEITI’s information will help empower businesses to navigate uncertainty, anticipate change, and plan with greater assurance.

According to its website, the TTEITI's steering committee comprises: Gregory McGuire, chairman, TTEITI; Gabriel Faria, TT Chamber of Industry and Commerce; Dr Priya Marajh, Energy Chamber; Kandis Sebro, OWTU; Davanand Raghunanan, Board of Inland Revenue; Timmy Baksh, Ministry of Energy; Arlena Maynard, Ministry of Energy;
Ariel Lawrence, Ministry of Energy; Kathy Ann Holder, Ministry of Finance; Shivanan Deopersad, National Gas Company; Annisa Thomas, National Gas Company; Rajkumar Mungal, Heritage Petroleum; Shanelle Jarvis-Sealey, Heritage Petroleum;
Aneila Singh, National Quarries Co Ltd; Diana Marchan, National Quarries Co Ltd; Nigel Martin, Shell; Leston Davis, Shell; Dr Carla Noel-Mendez, Woodside Energy; Soraya Khan, Woodside Energy; Gary Aboud, Fishermen and Friends of the Sea; Lisa Premchand, Fishermen and Friends of the Sea; Oswald Warwick, OWTU; Jacqueline J. Burgess, Network of NGOs for the Advancement of Women; Nicole Reece-James, Network of NGOs for the Advancement of Women; Ardene Sirjoo, Cropper Foundation; Terry Dale Ince, TT Transparency Institute; Deborah Ragoonath-Rajkumar, bpTT; Jason Stedman, TT Transparency Institute.