PANAMA CITY, PANAMA (Piero Stewart, Energy Analytics Institute, 17.Feb.2025) — Major oil and gas companies in Trinidad and Tobago — BPTT, Shell plc, EOG Resources, BHP Billiton/ Woodside Energy and The National Gas Company of Trinidad and Tobago (NGC) — paid $7.4bn to the government of the twin-island nation between 2015-2022.
The total payments “trend highlights a fluctuating pattern driven by significant surges in specific years, heavily influenced by BP and Shell’s contributions. Over the eight-year period reviewed, 2022 and in some cases 2015, coincided with the highest [US dollar] payments received for the companies,” according to details revealed last week in the Trinidad and Tobago Extractive Industries Transparency Initiative (TTEITI).
“This is attributed to higher commodity prices in 2022 despite lower production levels, compared to 2015, which saw increased production but lower prices,” according to the TTEITI.
BPTT reported a substantial increase in payments in 2015 and 2022, contributing to a total surpassing $2.5bn that year, while subsequent years displayed a decline in its contribution.
Shell displayed rises in 2019 and 2022, significantly impacting the total for that year, which surpassed $1.5bn.
Other companies, such as EOG and NGC, maintained relatively consistent but smaller contributions across the years, with a total of $1.3bn and $1.5bn respectively.
While BHP/ Woodside’s payments ranged from $4.2mn to $154mn during the period.
Addressing the forex issue
TTEITI said addressing the foreign exchange or forex issue requires a well-defined strategy to optimize the sector’s US dollar inflows.
Trinidad and Tobago — the largest exporter of liquefied natural gas (LNG) in the Latin America and the Caribbean (LAC) region — has an integrated gas value chain with upstream companies exploring for and producing oil and gas, midstream companies processing, transporting and marketing gas and downstream companies using gas as a fuel and feedstock for petrochemical production.
RELATED: Trinidad Registered 1,592 Oil Spills Between 2016-Oct.2024
However, the TTEITI said midstream and downstream companies currently do not remit their taxes in US dollars and the minister of finance’s budget “signaled an intent to amend existing legislation to mandate these companies to pay their tax obligations in US dollars.”
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By Piero Stewart reporting from Panama City. © 2025 Energy Analytics Institute (EAI). All Rights Reserved.
