State of the Extractive Sectors Report 2024
Chair, TTEITI Steering Committee
A graduate of the University of the West Indies, Mr McGuire holds bachelor's and master's degrees in economics. He has also had extensive post-graduate management training at the Balanced Scorecard Collaborative, Harvard Business School, MW Kellogg School of Management, Oxford College of Petroleum Studies, and the London Strategic Planning Society. Mr. McGuire has had a distinguished career in Business spanning thirty years. He spent 23 years at the National Gas Company of Trinidad and Tobago Limited,( NGC) where he had managerial responsibility mainly for the Strategic Planning and Marketing process.
The State of the Extractive Sectors Report 2024 gives a snapshot of the major developments in the oil, gas and mining sector. The report provides the latest information on revenue Government earned from the sector in 2024 and reconciles company payments and Government receipts for fiscal 2022. The report also provides recommendations on how T&T can improve its revenue collection, data management and audit and assurance systems.
Key Takeaways
- Government revenues decreased year on year between 2023 and 2024 as royalties declined by 33% and production sharing contract (PSC) share of profit also declined by 50%.
- As country faces forex shortage, from 2015-2022, the major oil and gas companies paid $7.4 billion in US dollars to Government.
- Companies disclose their GHG emissions and steps being taken to reduce their carbon footprint.
- Between 2016 to October 2024, Trinidad and Tobago experienced 1,592 oil spills, with 74% percent occurring on land.
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Welcome to Trinidad and Tobago’s tenth annual Extractive Industries Transparency Initiative (EITI) Report. For over a decade, the country has embraced EITI, emphasizing transparency and accountability in managing natural resources amidst global and local energy changes. Over this period, we've seen energy price swings, rising power demand in Africa and Asia, and calls for an energy transition to address climate change. In Trinidad &Tobago, the restructuring of Atlantic LNG, Petrotrin refinery closure, and the acquisition of cross-border Venezuelan acreage to explore and produce hydrocarbons have been major focal points against the backdrop of declining oil and gas production and revenue. As a net energy exporter, it is crucial for Trinidad & Tobago to balance energy transition policies with resource maximization. Transparency remains essential, and EITI continues to be the global platform for disseminating key information on the extractive sector.
Trinidad and Tobago has fully adopted the global benchmark for transparency and accountable governance of our natural resources. After an evaluation of the nation’s adherence to the EITI Standard, Trinidad and Tobago achieved an impressive score of 89 out of 100, securing the highest ranking in Latin America and the Caribbean and fourth highest worldwide Nevertheless several areas need improvement, particularly in our outreach initiatives. In the upcoming months, we will conduct webinars, workshops and launch social media campaigns focusing on key issues within the extractive sector. Our work plan for 2024-2026 is now accessible, and within his framework, we aim to incorporate more mining companies into the EITI reporting system and tackle legal obstacles by advocating for EITI legislation and including EITI reporting clauses in new oil, gas, and quarry licenses. Additionally, the TTEITI will continue to innovate with environmental reporting and ensure systematic disclosure of more data requirements in accordance with the EITI Standard.
In this report, the EITI Independent Administrator not only reconciles discrepancies between government receipts and company payments but includes information mandated by the new EITI Standard 2023. The report encompasses several new aspects of the EITI Standard 2023 such as gender, anti-corruption, and energy transition disclosures. Regarding gender, the report provides data on the percentage of females versus males employed in the extractive sector and categorizes the number of women and men in managerial roles. Additionally, it features an updated register of beneficial ownership and describes the anti-corruption policies of reporting companies along with the Government’s anti-corruption legislation. For energy transition disclosures, ten reporting companies took part in the environmental reporting pilot project, providing data on their greenhouse gas emissions and initiatives to reduce carbon footprints and improve energy efficiency., The report also offers comprehensive recommendations for improving revenue collection, data management, and audit and assurance processes for state agencies and reporting companies.
On behalf of the TTEITI Steering Committee and Secretariat, I would like to acknowledge the roles played by stakeholders—government, extractive companies, and civil society—in guiding and sustaining EITI implementation over the past year and in producing this report. Participating companies have voluntarily disclosed their revenue payments for review. State agencies have shown their dedication to the EITI objectives by providing extensive data. In particular, I commend the Minister of Energy and Energy Industries and the team at the Ministry of Energy and Energy Industries as well as the Ministry of Finance’s Board of Inland Revenue and Investment Division for their contributions. Civil society representatives on the Steering Committee have also shared EITI data with a broader national civil society network.
Additionally, I appreciate the professionalism of PKF Limited, supported by Engaged Consulting and Michael Barron Consulting, in performing the analysis for this report as the EITI Independent Administrator. Finally, I want to thank the TTEITI Steering Committee, all of the sub-committees including the technical, environmental, legal and tenders and communication sub-committees and the Secretariat for their ongoing contributions to EITI implementation. The EITI remains the sole platform for collective governance and consensus-building among the competing interests of company, government, and civil society groups in T&T. This report is the outcome of often difficult-to-achieve consensus and constructive collaboration among different shareholders, and I am hopeful that the information provided will promote informed dialogue and discussion on the country’s extractive sector.
Click below to read the rest of the State of the Extractive Sectors Report 2024
For a more complete understanding of the industry, download the full country report.
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