Energy Minister Stuart Young says Government will continue to evaluate and determine additional fiscal incentives to ensure that Trinidad and Tobago remains an internationally competitive hydrocarbon province.
Speaking at the signing of Deep Water Production Sharing Contracts, he said in 2022, Government chose to incentivise investment by decreasing the rate of Petroleum Profit Tax from 35% to 30% for companies engaged in deep water exploration.
Minister Young noted that the level of petroleum production in the country is not where it should be, adding that continued exploration particularly the country’s deep-water province is the key to maintaining T&T’s world class energy sector.
He said there continues to be a large area of T&T’s deep-water province that is unexplored, and will be addressed through bid-rounds.
Minister Young added that T&T has the potential to be a significant deep-water player, noting that deep water production is also expected to climb globally by 2030.
He said the signing of these contracts for Blocks 25(a), 25 (b) and 27 to a consortium comprising BP Exploration and BG International is a testament to good faith by all parties and a significant component of which lies in the deep-water environment.