Trinidad and Tobago EITI Report 2022
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.
Fluctuations in global oil and gas prices have a significant impact on the performance of Trinidad and Tobago’s economy due to the central role played by the country’s hydrocarbon sector. In 2023, global oil and gas prices decreased compared to the increase seen in 2022 due to geopolitical tensions. As figure 3-1 below shows, both oil and gas prices recovered to pre-Covid levels. In 2024 ,the decreases in gas prices has persisted, but to a slower rate . Oil prices have remained relatively stable up to August 2024.
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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.
Gregory McGuire Chairman,
TTEITI Steering Committee
30 September 2024
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