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Trinidad and Tobago Upstream Fiscal and Regulatory Report - Investors to Pay Royalty under New Model PSA

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Trinidad and Tobago Upstream Fiscal and Regulatory Report-Investors to Pay Royalty under New Model PSA

Summary

In November 2018, Trinidad and Tobago launched a shallow water bid round offering six blocks under an updated PSA framework, which includes a 12.5% royalty on gross production, payable by investors. The round is scheduled to close in May 2019 and has been reported to have already received significant interest. Further fiscal reforms including amendments to the Supplemental Petroleum Tax are under consideration, however appear to be of lower priority than gas sector reforms. In addition to fiscal reforms, the government has closed the national oil company Petrotrin, and has replaced the management of its exploration and production assets with newly formed Heritage Petroleum Company.

Trinidad and Tobago Upstream Fiscal and Regulatory Report-Investors to Pay Royalty under New Model PSA, 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.

READ MORE

Table Of Content

Scope

1 Table of Contents

1.1. List of Tables

1.2. List of Figures

2. Regime Overview

3. State Take Assessment

4. Key Fiscal Terms-Royalty/Tax

4.1. Royalties, Bonuses and Fees

4.1.1. Bonuses

4.1.2. Rental Fees

4.1.3. Royalties

4.1.4. Green Levy Fund

4.1.5. Petroleum Impost

4.1.6. Petroleum Production Levy

4.1.7. Scholarship

4.1.8. Training and Research and Development Contributions

4.1.9. Supplemental Petroleum Tax

4.1.10. Abandonment Fund

4.2. Direct Taxation

4.2.1. Petroleum Profits Tax

4.2.2. Unemployment Levy

4.2.3. Deductions and Depreciation

4.2.4. Uplift

4.2.5. Branch Remittance Tax

4.2.6. Property Tax

4.3. Indirect Taxation

4.3.1. Value Added Tax

4.3.2. Custom Duties

4.4. State Participation

4.4.1. Carried Interest

4.4.2. National Oil Company Overriding Royalty

5. Key Fiscal Terms-Production Sharing Agreements

5.1. Royalties, Bonuses and Fees

5.1.1. Bonuses

5.1.2. Rental Fees

5.1.3. Royalties

5.1.4. Petroleum Impost, Petroleum Production Levy and Green Fund Levy

5.1.5. Scholarship

5.1.6. Training Contribution

5.1.7. Research and Development Contribution

5.1.8. Administrative Charge

5.1.9. Abandonment Fund

5.2. Cost Recovery

5.2.1. Limit on Recovery

5.2.2. Recoverable Costs

5.3. Profit Sharing

5.4. Direct Taxation

5.4.1. Petroleum Profits Tax, Unemployment Levy, & Supplemental Petroleum Tax

5.4.2. Branch Remittance Tax

5.4.3. Assignment/Transfer Tax

5.5. Indirect Taxation

5.6. State Participation

6. Regulation and Licensing

6.1. Legal Framework

6.1.1. Governing Law

6.1.2. Contract Type

6.1.3. Title to Hydrocarbons

6.2. Institutional Framework

6.2.1. Licensing Authority

6.2.2. Regulatory Agency

6.2.3. National Oil Company

6.3. Licensing Process

6.3.1. Licensing Rounds

6.3.2. Pre-qualification Process

6.3.3. Bid Evaluation

6.4. License Terms

6.4.1. Contract Duration and Relinquishments

6.4.2. Work Obligation

6.5. Local Content

6.6. Domestic Market Obligation

6.7. Management Committee

7. Outlook

8. Appendix

8.1. References

8.2. Contact Us

8.3. Disclaimer


List Of Figure

1.2 List of Figures

Figure 1: Regime Flow Chart, Royalty/Tax

Figure 2: Regime Flow Chart, PSA

Figure 3: Trinidad and Tobago, Indicative NPV10/boe, IRR and State Take Comparison, Regional

Figure 4: Trinidad and Tobago, Legal Framework

Figure 5: Trinidad and Tobago, Institutional Framework


List Of Table

1.1 List of Tables

Table 1: Regime Overview

Table 2: Trinidad and Tobago, Royalty/Tax, Production Bonuses, Ortoire (2014)

Table 3: Trinidad and Tobago, Petroleum Impost Rates, 2010-2017

Table 4: Trinidad and Tobago, Supplemental Petroleum Tax Rates (%), 2010 onwards

Table 5: Trinidad and Tobago, Supplemental Petroleum Tax Rates (%), 2005-2009

Table 6: Trinidad and Tobago, Supplemental Petroleum Tax Rates (%), 1992-2004

Table 7: Trinidad and Tobago, Supplemental Petroleum Tax Rates (%), 1981-1991

Table 8: Trinidad and Tobago, Petroleum Profit Tax, 1974-2019

Table 9: Trinidad and Tobago, Overriding Royalty, Trintes

Table 10: Trinidad and Tobago, PSA, Production Bonuses (USD ), 2010 onward

Table 11: Trinidad and Tobago, PSA, Rental Fees, USD /Quarter

Table 12: Trinidad and Tobago, PSA, Annual Training Contribution (USD )

Table 13: Trinidad and Tobago, PSA, Annual Research and Development Contribution (USD )

Table 14: Trinidad and Tobago, Cost Recovery Limit (%), 2010-2018

Table 15: Trinidad and Tobago, Cost Recovery Limits (%), Representative Pre-2010 Contracts

Table 16: Trinidad and Tobago, Oil Profit Sharing Biddable Thresholds, 2018 round

Table 17: Trinidad and Tobago, Gas Profit Sharing Biddable Thresholds, 2018 round

Table 18: Trinidad and Tobago, Representative State Share of Profit Oil (%), Pre-2018 Contracts

Table 19: Trinidad and Tobago, Profit Share Price Classes, 2001 onwards

Table 20: Trinidad and Tobago, Operator Points Scheme, 2016

Table 21: Trinidad and Tobago, Marking Scheme, 2018 Shallow Water Bid Round

Table 22: References

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Trinidad and Tobago Upstream Fiscal and Regulatory Report-Investors to Pay Royalty under New Model PSA

Summary

In November 2018, Trinidad and Tobago launched a shallow water bid round offering six blocks under an updated PSA framework, which includes a 12.5% royalty on gross production, payable by investors. The round is scheduled to close in May 2019 and has been reported to have already received significant interest. Further fiscal reforms including amendments to the Supplemental Petroleum Tax are under consideration, however appear to be of lower priority than gas sector reforms. In addition to fiscal reforms, the government has closed the national oil company Petrotrin, and has replaced the management of its exploration and production assets with newly formed Heritage Petroleum Company.

Trinidad and Tobago Upstream Fiscal and Regulatory Report-Investors to Pay Royalty under New Model PSA, 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.

READ MORE

Scope

1 Table of Contents

1.1. List of Tables

1.2. List of Figures

2. Regime Overview

3. State Take Assessment

4. Key Fiscal Terms-Royalty/Tax

4.1. Royalties, Bonuses and Fees

4.1.1. Bonuses

4.1.2. Rental Fees

4.1.3. Royalties

4.1.4. Green Levy Fund

4.1.5. Petroleum Impost

4.1.6. Petroleum Production Levy

4.1.7. Scholarship

4.1.8. Training and Research and Development Contributions

4.1.9. Supplemental Petroleum Tax

4.1.10. Abandonment Fund

4.2. Direct Taxation

4.2.1. Petroleum Profits Tax

4.2.2. Unemployment Levy

4.2.3. Deductions and Depreciation

4.2.4. Uplift

4.2.5. Branch Remittance Tax

4.2.6. Property Tax

4.3. Indirect Taxation

4.3.1. Value Added Tax

4.3.2. Custom Duties

4.4. State Participation

4.4.1. Carried Interest

4.4.2. National Oil Company Overriding Royalty

5. Key Fiscal Terms-Production Sharing Agreements

5.1. Royalties, Bonuses and Fees

5.1.1. Bonuses

5.1.2. Rental Fees

5.1.3. Royalties

5.1.4. Petroleum Impost, Petroleum Production Levy and Green Fund Levy

5.1.5. Scholarship

5.1.6. Training Contribution

5.1.7. Research and Development Contribution

5.1.8. Administrative Charge

5.1.9. Abandonment Fund

5.2. Cost Recovery

5.2.1. Limit on Recovery

5.2.2. Recoverable Costs

5.3. Profit Sharing

5.4. Direct Taxation

5.4.1. Petroleum Profits Tax, Unemployment Levy, & Supplemental Petroleum Tax

5.4.2. Branch Remittance Tax

5.4.3. Assignment/Transfer Tax

5.5. Indirect Taxation

5.6. State Participation

6. Regulation and Licensing

6.1. Legal Framework

6.1.1. Governing Law

6.1.2. Contract Type

6.1.3. Title to Hydrocarbons

6.2. Institutional Framework

6.2.1. Licensing Authority

6.2.2. Regulatory Agency

6.2.3. National Oil Company

6.3. Licensing Process

6.3.1. Licensing Rounds

6.3.2. Pre-qualification Process

6.3.3. Bid Evaluation

6.4. License Terms

6.4.1. Contract Duration and Relinquishments

6.4.2. Work Obligation

6.5. Local Content

6.6. Domestic Market Obligation

6.7. Management Committee

7. Outlook

8. Appendix

8.1. References

8.2. Contact Us

8.3. Disclaimer


List Of Figure

1.2 List of Figures

Figure 1: Regime Flow Chart, Royalty/Tax

Figure 2: Regime Flow Chart, PSA

Figure 3: Trinidad and Tobago, Indicative NPV10/boe, IRR and State Take Comparison, Regional

Figure 4: Trinidad and Tobago, Legal Framework

Figure 5: Trinidad and Tobago, Institutional Framework


List Of Table

1.1 List of Tables

Table 1: Regime Overview

Table 2: Trinidad and Tobago, Royalty/Tax, Production Bonuses, Ortoire (2014)

Table 3: Trinidad and Tobago, Petroleum Impost Rates, 2010-2017

Table 4: Trinidad and Tobago, Supplemental Petroleum Tax Rates (%), 2010 onwards

Table 5: Trinidad and Tobago, Supplemental Petroleum Tax Rates (%), 2005-2009

Table 6: Trinidad and Tobago, Supplemental Petroleum Tax Rates (%), 1992-2004

Table 7: Trinidad and Tobago, Supplemental Petroleum Tax Rates (%), 1981-1991

Table 8: Trinidad and Tobago, Petroleum Profit Tax, 1974-2019

Table 9: Trinidad and Tobago, Overriding Royalty, Trintes

Table 10: Trinidad and Tobago, PSA, Production Bonuses (USD ), 2010 onward

Table 11: Trinidad and Tobago, PSA, Rental Fees, USD /Quarter

Table 12: Trinidad and Tobago, PSA, Annual Training Contribution (USD )

Table 13: Trinidad and Tobago, PSA, Annual Research and Development Contribution (USD )

Table 14: Trinidad and Tobago, Cost Recovery Limit (%), 2010-2018

Table 15: Trinidad and Tobago, Cost Recovery Limits (%), Representative Pre-2010 Contracts

Table 16: Trinidad and Tobago, Oil Profit Sharing Biddable Thresholds, 2018 round

Table 17: Trinidad and Tobago, Gas Profit Sharing Biddable Thresholds, 2018 round

Table 18: Trinidad and Tobago, Representative State Share of Profit Oil (%), Pre-2018 Contracts

Table 19: Trinidad and Tobago, Profit Share Price Classes, 2001 onwards

Table 20: Trinidad and Tobago, Operator Points Scheme, 2016

Table 21: Trinidad and Tobago, Marking Scheme, 2018 Shallow Water Bid Round

Table 22: References

Single User License:
Report can be used by individual purchaser only

Site License:
Report can be shared by unlimited users within one corporate location, e.g. a regional office

Corporate User License: 
Report can be shared globally by unlimited users within the purchasing corporation e.g. all employees of a single company

To know more information on Purchase by Section, please send a mail to support@kenresearch.com

INQUIRE FOR COVID-19 IMPACT ANALYSIS