Investor Presentaiton
Budget overview (continued)
K
The Minister announced that "foreign direct investments of just over US$2.2bn is being projected for the
upstream sector during calendar 2020 and an additional amount of US$2bn during 2021". There have been
major investments in the upstream sector by key multinational players such as BHP, Shell and BPTT. BHP's
US$500m Ruby project is expected to be in full production and on stream in the second half of 2021. BHP and
Shell have also made significant investments in the Deepwater Blocks in T&T with a 3.5 trillion cubic gas find
on which the Minister indicated that by 2026, BHP could begin producing up to 1.5 billion cubic feet of natural
gas per day. Shell's Final Investment Decision (FDI) for the Colibri development project with first gas is
expected in 2022. BPTT has also shown its commitment to T&T's energy sector with investments in the
Matapal and Cassia C projects.
With the ten (10) year extension of its 92 Exploration & Production (E&P) Licences in the Columbus Basin in
which the Government is expected to reap financial benefits of US$250m over the period 2021 to 2024 and its
ten year extension of its southeast Galeota license as well as 91 E&P licences for the Teak, Samaan, Poui and
East Mayaro licenses. In return, the Government received TT$1bn for settlement of legacy issues. While the
Loran-Manatee gas field joint development with Venezuela and Shell has halted because of US sanctions, the
Minister indicated that "planning and execution of production from the Manatee field...are actively underway". It
is anticipated that the increase in gas production from the combined effect of these projects would help in
alleviating the current gas curtailment in the future and thus boosting the Liquefied Natural Gas (LNG) and
petrochemicals sector.
What's Inside
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Territory Leader's message
Tax Leader's thoughts
Budget overview
Budget fundamentals - 2021
Historical economic data
Energy and energy related tax regime
Corporation tax
Value Added Tax & other indirect taxation
Personal Income tax
Stamp Duty
Summary of other measures
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PwC | Trinidad and Tobago 2021 national budget
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