PORT OF SPAIN, Trinidad, CMC – The Trinidad and Tobago Extractive Industries Transparency Initiative (TTEITI) says the energy companies operating here had generated an estimated US$17.3 billion in foreign exchange between 2011 and 2024.
Head of the TTEITI secretariat, Sherwin Long, speaking at the “TEITI: Insights for Decision Making,” held in collaboration with the Trinidad and Tobago Chamber of Industry and Commerce (TTCIC) on Tuesday, said that the energy sector remains the country’s single largest source of foreign exchange.
He said that BPTT and the National Gas Company (NGC)contributed a combined US$14.8 billion over the 13 years. The other contributors were Shell, EOG, Woodside, and NGC.
“Foreign exchange availability affects import costs, financial planning, and country risk,” Long said, noting that this type of data is critical for businesses assessing exposure in a constrained forex environment.
Long told the audience that transparency in the energy sector is not an academic exercise but a practical business tool that can help firms assess risk, anticipate policy shifts, and make informed decisions in an increasingly volatile environment.
He states that the Extractive Industries Transparency Initiative (EITI) is the global benchmark for transparency in oil, gas, and mining, often described as an “ISO for transparency.”
He said participation in the EITI sends a strong signal to investors, noting “when a company or a country signs up to EITI, you want to signal that you want the right type of businesses, those willing to disclose their tax information to the public”.
Long said TTEITI’s reporting, which dates back to 2011, allows users to track long-term shifts in fiscal performance and policy outcomes.
“Data sends signals. It tells you what’s happening in the tax space, what’s happening in the policy space, and it supports ESG analysis.”
Using a “bird’s-eye view” of the economy, Long said that contractions in the energy sector almost always coincide with weaker overall gross domestic product (GDP) performance, noting a 10 per cent contraction in energy GDP in the third quarter of 2023 to growth of 6.4 per cent in the fourth quarter of 2024.
“These movements matter for businesses. They affect consumer spending, hiring decisions, and investment planning,” he said, adding that energy revenue remains a major, though volatile contributor, to government income, primarily driven by external factors such as global energy prices, supply-demand imbalances, and geopolitical tensions.
He told the ceremony that, between 2011 and 2025, subsidy liabilities totalled TT$22.3 billion (One TT dollar = 0.16 cents), even after accounting for the petroleum production levy paid by crude oil producers.
TTCCI chief executive officer, Vashti Guyadeen, said TTEITI’s verification work provides confidence in the integrity of energy sector data. She said more than two billion dollars in payments have been reconciled over 15 years, with unexplained differences of just TT$4,500.
“Transparency data is not just about compliance. It is a strategic business input.”
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