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Trinidad and Tobago Upstream Fiscal and Regulatory Report - New Government Plans Onshore and Offshore Bid Rounds in 2016

Summary

“Trinidad and Tobago Upstream Fiscal and Regulatory Report - New Government Plans Onshore and Offshore Bid Rounds in 2016”, presents the essential information relating to the terms which govern investment into Trinidad and Tobago’s upstream oil and gas sector. The report sets out in detail the contractual framework under which firms must operate in the industry, clearly defining factors affecting profitability and quantifying the state’s take from hydrocarbon production. Considering political, economic and industry specific variables, the report also analyses future trends for Trinidad and Tobago’s upstream oil and gas investment climate.

Scope

- Overview of current fiscal terms governing upstream oil and gas operations in Trinidad and Tobago
- Assessment of the current fiscal regime’s state take and attractiveness to investors
- Charts illustrating the regime structure, and legal and institutional frameworks
- Detail on legal framework and governing bodies administering the industry
- Levels of upfront payments and taxation applicable to oil and gas production
- Information on application of fiscal and regulatory terms to specific licenses
- Outlook on future of fiscal and regulatory terms in Trinidad and Tobago

Reasons to buy

- Understand the complex regulations and contractual requirements applicable to Trinidad and Tobago’s upstream oil and gas sector
- Evaluate factors determining profit levels in the industry
- Identify potential regulatory issues facing investors in the country’s upstream sector
- Utilize considered insight on future trends to inform decision-making

Table Of Contents

Trinidad and Tobago Upstream Fiscal and Regulatory Report - New Government Plans Onshore and Offshore Bid Rounds in 2016
1 Table of Contents
1 Table of Contents 1
1.1 List of Tables 2
1.2 List of Figures 2
2 Regime Overview 3
3 State Take Assessment 6
4 Key Fiscal Terms - Royalty and Tax 7
4.1 Upfront Payments 7
4.1.1 Bonuses 7
4.1.2 Rentals and Minimum Payment 7
4.1.3 Royalties 7
4.1.4 Green Fund Levy 7
4.1.5 Petroleum Impost 7
4.1.6 Petroleum Production Levy 8
4.1.7 Scholarship 8
4.1.8 Training and Research and Development Contributions 8
4.2 Supplemental Petroleum Tax 8
4.3 Direct Taxation 11
4.3.1 Petroleum Profits Tax 11
4.3.2 Unemployment Levy 11
4.3.3 Deductions and Depreciation 11
4.3.4 Uplift 11
4.3.5 Branch Remittance Tax 11
4.4 Indirect Taxation 12
4.4.1 Value Added Tax (VAT) 12
4.4.2 Custom Duties 12
4.5 Abandonment Fund 12
4.6 State Participation 12
4.6.1 Carried Interest 12
4.6.2 Petrotrin Overriding Royalty 12
5 Key Fiscal Terms - Royalty and Tax 13
5.1 Upfront Payments 13
5.1.1 Bonuses 13
5.1.2 Minimum Payment 13
5.1.3 Scholarship 13
5.1.4 Training and Research and Development Contribution 13
5.1.5 Administrative Charge 14
5.1.6 Escrow Account 14
5.1.7 Royalties, Petroleum Impost, Green Fund Levy and Petroleum Levy (Paid by State for Most PSAs) 14
5.2 Cost Recovery 14
5.2.1 Cost Recovery Limit 14
5.2.2 Recoverable Costs 15
5.3 Profit-Sharing 15
5.4 Direct Taxation 16
5.4.1 Petroleum Profits Tax, Unemployment Levy, and Supplemental Petroleum Tax 16
5.4.2 Branch Remittance Tax 16
5.5 Indirect Taxation 16
5.6 State Participation 16
6 Regulation and Licensing 17
6.1 Legal Framework 17
6.1.1 Governing Law 17
6.1.2 Contract Type 17
6.1.3 Title to Hydrocarbons 17
6.2 Institutional Framework 18
6.2.1 Licensing Authority 18
6.2.2 Regulatory Agency 18
6.2.3 National Oil Company 18
6.3 Licensing Process 18
6.3.1 Pre-qualification 18
6.3.2 Bidding 19
6.3.3 Bid Evaluation 19
6.4 License Terms 21
6.4.1 Duration 21
6.4.2 Work Programs 21
6.4.3 Local Content 21
7 Outlook 22
8 Contact Information 23

1.1 List of Tables
Table 1: Summary 3
Table 2: Trinidad and Tobago - Royalty/Tax, Production Bonuses, Ortoire (2014) 7
Table 3: Trinidad and Tobago, Petroleum Impost Rates, 2010-2015 8
Table 4: Trinidad and Tobago, Supplemental Petroleum Tax Rates (%), 2010 onwards 8
Table 5: Trinidad and Tobago, Supplemental Petroleum Tax Rates (%), 2005-2009 9
Table 6: Trinidad and Tobago, Supplemental Petroleum Tax, 1992-2004 10
Table 7: Trinidad and Tobago, Supplemental Petroleum Tax, 1981-1991 10
Table 8: Trinidad and Tobago, Petroleum Profit Tax, 1974-2016 11
Table 9: Trinidad and Tobago, Overriding Royalty, Trintes 12
Table 10: Trinidad and Tobago - PSA, Production Bonuses (US$), 2016 13
Table 11: Trinidad and Tobago - PSA, Minimum Payment Rates (US$/hectare), 2016 13
Table 12: Trinidad and Tobago - PSA, Production Bonuses (US$), 2016 14
Table 13: Trinidad and Tobago, Cost Recovery Limit (%), 2010-2016 Contracts 14
Table 14: Trinidad and Tobago, Cost Recovery Limits (%), Representative Pre-2010 Contracts 14
Table 15: Trinidad and Tobago, Representative State Share of Profit Oil (%), 2016 15
Table 16: Trinidad and Tobago, Price Classes, 2016 16
Table 17: Trinidad and Tobago, Operator Points Scheme, 2016 19
Table 18: Trinidad and Tobago, Marks Scheme, 2013 Bid Rounds 20
Table 19: Trinidad and Tobago, Drilling Marks Scheme, 2013 Bid Rounds 20

1.2 List of Figures
Figure 1: Regime Flow Chart - Royalty/Tax 4
Figure 2: Regime Flow Chart - Production Sharing Agreement 5
Figure 3: Trinidad and Tobago, Indicative NPV10/boe, IRR and State Take Comparison - Internal, 2016 6
Figure 4: Trinidad and Tobago, Indicative NPV10/boe, IRR and State Take Comparison - Regional 2016 6
Figure 5: Trinidad and Tobago, Legal Framework 17
Figure 6: Trinidad and Tobago, Institutional Framework 18

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